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Global food prices rebound, FAO says

Fri, Feb 10 2012 14:30 CET

byThe Sofia Echo staff

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Global food prices rebound, FAO says

Tractors move sugar in a cargo terminal at Santos port, 27km southeast of Sao Paulo.

Photo: Reuters

Global food prices rose overall last month for the first time in six months, demonstrating the volatility of international food markets, the United Nations Food and Agriculture Organisation said on February 9 2012, quoted by the UN News Centre.

The FAO Food Price Index rose by four points or nearly two per cent to a measure of 214 points in January 2012, with the price of oils increasing the most, followed by cereals, sugar, dairy products and meat.

This is the first such increase since July 2011, and the index still stands seven per cent below its position of January 2011.

Abdolreza Abbasian, a senior grains economist with FAO, said there was no single or clear explanation behind the rebound in food prices, with different reasons applying to different commodities.

"But the increase, despite an expected record harvest and an improved stocks situation, and after six months of falling or stable prices, highlights the unpredictability prevailing in global food markets," he said.

"I can’t see that the usual suspects – the value of the dollar and oil prices – were much involved in January. But one reason is poor weather currently affecting key growing regions like South America and Europe. It has played a role and remains a cause for concern," he said.

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Global food prices ended 2011 with a sharp decline – FAO

The decline was driven by sharp falls in international prices of cereals, sugar and oils due to bumper 2011 crops coupled with slowing demand and a stronger US dollar.

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