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World Food Prices Shoot Up to 3-Year High in 2020 – FAO

Global food prices reached the highest in three years in 2020, the United Nations Food and Agriculture Organisation (FAO) has said.

The anti-hunger agency made the disclosure on Thursday in the FAO Food Price Index (FFPI).

The FFPI tracks the monthly change in international prices of five major food commodity groups: cereal, vegetable oil, dairy products, meat and sugar.

Over the whole of 2020, the FFPI averaged 97.9 points, a three-year high and 3.1 per cent increase from 2019. However, this is still below the peak of 131.9 points registered in 2011.

The peak was driven by increases in the price of vegetable oil, dairy products, meat, cereals and sugar, especially in December 2020. The FAO Sugar Price Index, however, declined by 0.6 per cent in December.

Also in December 2020, FFPI increased by 2.2% from November, marking the seventh month of consecutive increase.

FAO said, “The FAO Food Price Index (FFPI) averaged 107.5 points in December 2020, up 2.3 points (2.2 per cent) from November, marking the seventh month of consecutive increase.

“Except for sugar, all sub-indices of the FFPI registered modest gains in December, with the sub-index of vegetable oil again rising the most, followed by that of dairy, meat and cereals.

“For 2020 as a whole, the FFPI averaged a three-year high of 97.9 points, 2.9 points (3.1 per cent) higher than in 2019, but still well below its peak of 131.9 points registered in 2011.”

The post World Food Prices Shoot Up to 3-Year High in 2020 – FAO appeared first on AgroNigeria.

Sourced from Agro Nigeria

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