The cost index averaged 122.3 issues in June
10 July 2023
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The United Countries meals company’s international value index fell in June to its lowest degree in additional than two years, driven down by way of a drop in the price of sugar, vegetable oils, cereals and dairy merchandise, reported Reuters.
The Meals and Agriculture Group’s (FAO) value index, which tracks essentially the most globally-traded meals commodities, averaged 122.3 issues in June towards a revised 124.0 for the former month, the company mentioned on Friday.
The Would possibly studying used to be at the beginning given as 124.3.
The June rating marked the bottom since April 2021 and intended the index is now 23.4% under an all-time height reached in March 2022 following the beginning of Russia’s invasion of Ukraine.
In a separate document on cereals provide and insist, FAO forecast international cereal manufacturing this yr at 2.819 billion tonnes, rather up on remaining month’s estimate and a 1.1% build up on 2022 ranges.
FAO mentioned the upper forecast used to be virtually totally pushed by way of higher possibilities for international wheat manufacturing, with the forecast lifted by way of 0.9% to 783.3 million tonnes.
FAO’s cereal value index dropped by way of 2.1% in June from the prior month, with maize, barley, sorghum, wheat and rice costs all taking flight.
The vegetable oil value index fell 2.4% month-on-month, hitting its lowest degree since November 2020, pushed by way of decrease international costs of palm and sunflower oils, which greater than greater than offset upper soy and rapeseed oil quotations.
The sugar value index fell 3.2% from Would possibly, marking its first decline after 4 consecutive per 30 days will increase, basically induced by way of the nice growth of the 2023/24 sugarcane harvest in Brazil and a slow international import call for, FAO mentioned.
The dairy value index slipped 0.8% from Would possibly whilst the beef index used to be just about unchanged.