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Wednesday, September 13, 2017

Drop in prices, ends 3 months decline - FOA

The slight decline in the FAO Food Price Index by the Food and Agriculture Organisation (FAO) in August 2017, has ended three months of consecutive increases, reports NaijaAgroNet.

Despite this, NaijaAgroNet reports that the Index, a trade-weighted index tracking international market prices for five key commodity groups remained 6 per cent above its value a year earlier.

NaijaAgroNet also reports that along with cereals, the FAO Meat Price Index dropped 1.2 per cent in the month, while the FAO Sugar Price Index slipped by 1.7 per cent was driven by favourable cane harvest prospects in leading producers Brazil, Thailand and India, as well as by weaker international demand in the wake of higher tariffs imposed by China and India.

But the FAO Vegetable Oil Price Index rose 2.5 percent, led by rising quotations for palm, soy, rapeseed and sunflower oils. And the FAO Dairy Price Index also rose 1.4 percent from July, led by greater demand for butterfat in Europe and North America.

Isaac Oyimah/ED, Ops
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Pix: FAO Director-General da-Silva

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