World food commodity prices edged higher for the second straight month in April.
The Food and Agriculture Organization (FAO) of the United Nations on Friday reported that its food price index - which tracks monthly changes in the international prices of a set of globally traded food commodities - averaged 119.1 points in April, up 0.3% from the revised March level, although still nearly 10% below its year-earlier level.
The advance in the March food price index was the first increase in seven months. The peak was reached in March 2022 at 159.3 points, following the Russian invasion of Ukraine.
The April increase in the overall food index was driven by rising meat prices and modest upticks for vegetable oils, and cereals, which offset declines in sugar and dairy products.
The cereal price index was up 0.3% in March, ending a three-month run of declines. Global wheat export prices stabilized in April as strong competition among major exporters offset concerns about unfavourable crop conditions in parts of the European Union, the Russian Federation and the U.S., the FAO said
Corn export prices increased, influenced by high demand amidst mounting logistical disruptions due to infrastructure damage in Ukraine and concern about production in Brazil ahead of the main harvest.
The vegetable oil price index also increased by 0.3% from March, reaching a 13-month high, as higher prices for sunflower and rapeseed oil outpaced slightly lower prices for palm and soy oil.
Meat prices showed stronger gains, rising 1.6% in April, as international poultry, beef and sheep prices all rose. On the other hand, world pork prices fell marginally, reflecting slack internal demand in Western Europe and persistently lacklustre demand from leading importers, especially China.
In contrast, the FAO reported its sugar price index was down 4.4% in March, due mainly to improved global supply prospects.
After six consecutive months of increases, the dairy index dropped 0.3% from March
