NaijaAgroNet
The
Food and Agriculture Organization (FAO) Food Price Index has
continued to decline in March by1.5 per cent from February and 18.7 percent (40
points) below its level a year earlier, NaijaAgroNet reports.
The
FAO food price is a trade-weighted index that tracks prices of five major food
commodity groups on international markets, namely cereals, meat, dairy
products, vegetable oils and sugar.
NaijaAgroNet also reports that a
sharp fall in the price index for sugar which reached its lowest level since
February 2009 together with dipping prices for vegetable oils, cereals and
meat, more than offset a rise in dairy prices and contributed to the lower
index, which in March averaged 173.8 points.
The
FAO noted that the Sugar Price Index averaged 187.9 points in March, down a
sharp 9.2 percent from February. Stressing this was mainly due to improved crop
prospects but also the continued weakening of the Brazilian currency against
the US dollar, which is supportive to exports, NaijaAgroNet learnt.
The
cereal output estimate for 2014, on other hand, rose to 2 544 million tonnes
mainly due to a larger than anticipated maize harvest in the European Union,
which confirmed that the global cereal output in 2014 would outstrip the 2013
record by 1 per cent.
Cyriacus Nnaji/ GEE
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