FAO Food Price Index at six-year low
12 August 2015
The United Nations Food and Agricultural Organisation (FAO) Food Price Index averaged 164.6 points in July 2015 – 1.7 points (1%) lower than the previous month, and back almost 40 points (19%) on the same time last year.
This decline has brought the Index down to its lowest level since September 2009, and was attributed to considerably lower dairy and vegetable oil prices, compared to last month, which more than offset higher prices of sugar and cereals.
The FAO Meat Price Index lifted marginally from June levels, averaging 174.1 points in July, but still well below (31.8 points) where it was the same time last year. While pigmeat and ovine meat prices reportedly decreased during July, international prices of bovine meat lifted, and poultry prices were steady. FAO reports that beef prices from Australia, in particular, increased – assisted largely by strong demand from the US, Japan and Korea.
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