Page 4 - Vol.37-No.1 issue

FAO FOOD PRICE INDEX REACHED A THREE-
EDITORIAL
YEAR HIGH OVERALL OF 2020

World food prices rise for the seventh consecutive month that impacted both crushing activity and port logistics. This
in December, led by dairy products and vegetable oils, the sub-index averaged 19.1 percent higher in 2020 than the
Food and Agriculture Organization of the United Nations re- previous year.
ported today. The FAO Dairy Price Index increased 3.2 percent in Decem-
The FAO Food Price Index averaged 107.5 points in Decem- ber, its seventh consecutive monthly rise, with all categories
ber, 2.2 percent higher than in November. Over the whole of higher due to strong global import demand induced by con-
2020, the benchmark index, which tracks monthly changes in cerns over drier and warmer conditions on Oceania’s milk
the international prices of commonly-traded food commod- production as well as high internal demand in Western Eu-
ities, averaged 97.9 points, a three-year high and a 3.1 per- rope. Over the course of 2020, however, the Dairy Price Index
cent increase from 2019 although still more than 25 percent averaged 1.0 percent less than in 2019.
below its historical 2011 peak. The FAO Meat Price Index increased 1.7 percent in the
The FAO Cereal Price Index rose 1.1 percent from Novem- month of December, while its full-year average was 4.5 per-
ber and for all of 2020 averaged 6.6 percent above the level cent below that of 2019. Poultry meat quotations rebounded
of 2019. Export prices for wheat, maize, sorghum, and rice in the final month of the year, buoyed by increased import
all rose in December, moving higher in part due to concerns demand, especially from the Middle East, high internal sales
over growing conditions and crop prospects in North and in key producing countries, and the adverse impact of avian
South America as well as the Russian Federation. On an annu- influenza outbreaks in Europe. Pig meat prices fell slightly,
al basis, rice export prices were 8.6 percent higher in 2020 influenced by the suspension of German exports to Asian
than in 2019, while those for maize and wheat were 7.6 per- markets as a result of African Swine Fever outbreaks.
cent and 5.6 percent higher, respectively. The FAO Sugar Price Index declined by 0.6 percent in De-
The FAO Vegetable Oil Price Index gained 4.7 percent in cember after a marked increase during the previous month.
December to reach its highest level since September 2012. In For 2020 as a whole, the sub-index was 1.1 percent higher
addition to ongoing supply tightness in major palm oil-pro- than in 2019, reflecting a large surge in imports by China and
ducing countries, international trade was affected by a sharp increased demand for refined sugar from Indonesia’s food
hike in export duties in Indonesia. International prices for and beverage industry even as upward pressure was curbed
soy oil rose in part due to prolonged strikes in Argentina by improved production prospects in Brazil and India.

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