Thursday, May 5, 2011

World Food Prices Climb

An index of 55 commodities rose to 232.1 points from 231 points in March, the United Nations’ Food and Agriculture Organization said in a report. The record high was 237.2 in February.

 The Index is 36% above the April 2010 level.

According to FAO, there was little change in the index because although international grain prices increased sharply in April, the rise was more than offset by declines in dairy, sugar, and rice, while oils and meat prices were mostly unchanged.
The FAO Cereal Price Index averaged 265 points, up 5.5 percent from March and 71 percent from April 2010. Maize prices rose 11 percent and wheat increased four percent in April 2011 as a result of unfavourable weather and planting delays. But large export supplies kept rice prices under downward pressure.
The FAO Oils/Fats Price Index, which had fallen by seven percent in March, was nearly unchanged in April.

The FAO Sugar Price Index averaged nearly 348 points, down seven percent from March and 17 percent below its January record.
The FAO Dairy Price Index averaged 229 points, down 2.4 percent from March.
The FAO Meat Price Index, although at a record level, remained stable as compared to a revised upward estimate of 172 points in March.

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