The associated fee index slipped to 120.7 issues
9 September 2024
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The United International locations’ international meals worth index eased reasonably in August, information launched on Friday confirmed, as decrease costs for sugar, meat and cereals greater than offset upper dairy and vegetable oil costs, reported Reuters.
The associated fee index, compiled by means of the UN Meals and Agriculture Group to trace probably the most globally traded meals commodities, slipped to 120.7 issues in August from a revised 121 in July.
The FAO index hit a three-year low in February this yr as meals costs retreated from a file height set in March 2022 following Russia’s invasion of Ukraine.
The August price was once 1.1% less than its degree a yr in the past and 24.7% beneath its height from March 2022.
In a separate record, the FAO reduced its forecast for world cereal manufacturing in 2024 by means of 2.8 million metric heaps to two.851 billion heaps, striking it virtually on a par with the former yr’s output.
The lower in large part displays diminished possibilities for coarse grain plants within the Eu Union, Mexico and Ukraine, due to scorching and dry climate prerequisites.
The forecast for international cereal utilisation in 2024/25 was once reduced by means of 4.7 million heaps as opposed to July to two.852 billion heaps, reflecting a zero.2% build up from 2023/24.
The company additionally minimize its forecast for international cereal shares on the shut of seasons in 2025 by means of 4.5 million heaps to 890 million.