Concerns over Black Sea Grain Initiative and the Impact on Food Prices: FAO Food Price Index and AMIS Market Monitor Released
The October FAO Food Price Index remained largely unchanged from September, with rising cereal prices balanced by declines in the other commodity groups. The overall Food Price Index has fallen by almost 15 percent from March 2022 but remains 2 percent above its October 2021 levels.
The latest FAO Food Price Index reports that global food prices fell by 1.5 percent in September. However, the Index remains 5.5 higher than its September 2021 level. The decline from August was driven by significant drops in vegetable oil prices and more moderate drops in sugar, meat, and dairy products; cereal prices rose in September.
In 2018, African swine fever (ASF), a deadly hemorrhagic disease found in pigs, was reported for the first time in China. By mid-2019, the disease had infected hundreds of millions of pigs—anywhere from 30 to 70 percent of the country’s swine population. Millions of pigs were culled in an effort to slow the spread of the disease, resulting in a drastic reduction in the volume of Chinese pork produced.
Food, fertilizer prices continue to rise: Latest FAO Food Price Index and AMIS Market Monitor Released
The FAO Food Price Index continued to rise in September, driven by increasing cereal and vegetable oil prices. The Index was up 1.2 percent from August 2021 and 32.8 percent from September 2020.
After declining in June and July, the FAO Food Price Index rose quickly again in August and reached 32.9 percent higher than August 2020 levels. The increase was driven by rising cereal and vegetable oil prices, as well as by rises in sugar prices.