Global food prices drop
June 8th, 2012 - 12:43 pm ICT by IANSRome, June 8 (IANS) Global food prices dropped sharply in May, the Food and Agriculture Organization’s (FAO) Food Price Index showed.
The index, which measures the monthly change in international prices of a basket of food commodities, averaged 204 points in May, nine points down from April. It was the lowest level since September 2011 and was about 14 percent below its peak in February 2011, the FAO said Thursday.
Generally favourable supplies, growing global economic uncertainties and a strengthening of the US dollar are the main reasons for the price drop, reported Xinhua.
The UN organization at the same time raised the forecast for world cereal production in 2012 by 48.5 million tonnes, mainly on the expectation of a bumper maize crop in the US.
FAO’s latest forecast for world cereal production in 2012 stands at a record level of 2.41 billion tonnes, 3.2 percent up from the 2011 record.
The forecast of global rice production in 2012 points to a 2.2-percent increase from 2011, to some 490 million tonnes.
For wheat, latest indications point to a contraction of about 3 percent in production in 2012, to 680 million tonnes, which is still well above the average production of the past five years.
- Global food prices drop, but remain relatively high: UN - May 04, 2012
- UN: World food prices to remain high into 2012 - Jun 07, 2011
- Brazil expecting record grain harvest - Aug 10, 2012
- Global food import bill may top $1 trillion in 2010 - Nov 17, 2010
- Food prices rise on costlier oil: World Bank - Apr 26, 2012
- FAO food price index hits new record low - Jul 06, 2012
- World food prices may remain high next year: FAO - Jun 08, 2011
- World must remain vigilant against food price hikes: UN - Sep 07, 2012
- Indian recovery seen pushing global wheat output 3.4 percent - Mar 24, 2011
- Boosted supply of food staples pushes prices down: UN - Jun 03, 2010
- Food prices in developing countries remain very high, says UN - Jul 16, 2009
- Britain's jobless rate to hit 9 percent - Mar 06, 2012
- Chilean analysts see higher copper prices in 2012 - May 04, 2012
- Global Grocery Bill: Food Prices at All Time High - Jan 05, 2011
- US stocks fall amid Greece uncertainties (Lead) - Feb 11, 2012
Tags: 5 million, cereal production, contraction, economic uncertainties, expectation, fao food, food and agriculture organization, food commodities, food price index, food prices, global food, rice production, rome, tonnes, wheat, world cereal, xinhua