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Monday, May 14, 2012

Food price index reveals price stability

The Food and Agricultural Organisation (FAO) of the United Nations in its latest Food Outlook released early May 2012 revealed that food price seems to have stabilised at a relatively high level of 214 points.
Also, FAO revealed to NaijaAgroNet in a press statement that the Food Price Index fell by 1.4 per cent of 235 points in April 2012 to 214 points, a figure still well above the under 200 which preceded the 2008 food crisis.
The May edition of the FAO Food Outlook, a global market analysis released twice a year also indicated generally improved supplies and continuing strong demand in the second half of the year.
Cereal production for year set a new record of 2.371 billion tonnes to beat 2.344billion tonnes of 2011.
NaijaAgroNet gathered that the food import bill in 2012 could decline to $1.24 trillion, down slightly from last year’s record of $1.29 trillion.
According to the Food outlook, there is anticipation for a fall in wheat production to 675m tonnes, about 3.6 per cent decline, and countries that led the forecasted decline include Ukraine, Kazakhstan, China, Morocco and the European Union.
Also, world milk production in 2012 is forecasted to grow by 2.7 per cent to 750m tonnes with the expectation that Asia will account for most of the increase. 
World trade in dairy products is equally expected to continue expanding in 2012. Demand remains firm, with imports anticipated to reach 52.7 million tonnes of milk equivalent.
Yinka Awosanya/LS
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