The United Nations Food and Agriculture Organization (FAO) recorded a rise in global food prices for the second consecutive month in April, reaching 119.1 points, up 0.3% from a revised level of 118.8 points compared to March, according to a FAO report released on Friday.
April’s world food commodity price was down 9.6% from its level a year ago, the organization said. The April reading was 7.4 per cent lower than the same month last year, after hitting a three-year low in February.
The rise in prices was driven by meat, vegetable oils and cereals, which offset declines in the prices of sugar and dairy products.
Global wheat export prices steadied in April, as robust competition among major exporters outweighed worries about poor harvest conditions in portions of the European Union, Russia, and the United States.
Maize export prices rose due to strong import demand in the face of rising logistical obstacles caused by infrastructure damage in Ukraine and concerns about Brazilian supply ahead of the major harvest.
The FAO All-Rice Price Index fell by 1.8 percent, mostly due to declines in India quotes caused by crop pressure.
The FAO Vegetable Oil Price Index rose 0.3 percent from March to a 13-month high, with higher quotes for sunflower and rapeseed oil more than offsetting slightly lower prices for palm and soy oil.
The FAO Meat Price Index increased by 1.6 percent in April compared to the previous month, with international poultry, bovine, and ovine meat prices all rising. In contrast, global pig meat prices declined modestly, indicating weak internal demand in Western Europe and continuously low demand from major importers.
The April FAO Sugar Price Index fell by 4.4% from March. The decline was attributed to improving global supply prospects, including higher-than-expected outputs in India and Thailand, as well as favorable weather conditions in Brazil.