The latest Food Price Index shows global food prices moved 4.2 percent higher compared to May of this year. The monthly report released Thursday by the Food and Agriculture Organization of the United Nations shows June food prices represented the largest monthly increase witnessed over the past four years.
The index averaged 163.4 points in June 2016, 6.6 points higher than in May and one percent below the corresponding month last year. Except for vegetable oils, the values of all commodity sub-indices included in the index moved higher. The increase was led by a surge in the price of sugar and more moderate increases for cereals(grains), dairy and meat. The dairy index increased 7.8 percent compared to May, but compared to June last year, the Dairy Price Index was down 23 points, or 14 percent. Meanwhile, the Meat Price Index increased 2.4 percent compared to May. Finally, sugar prices jumped 14.8 percent on less positive production prospects in Brazil, the world’s largest sugar producer and exporter, following heavy rains which hampered harvesting operations and lowered sugar yields.
From the National Association of Farm Broadcasting news service