Food Price Index declines for 11th consecutive month - NaijaAgroNet

... Linking agrobiz, sustainable environs, people & technology


The benchmark index of international food commodity prices declined in February for the eleventh consecutive month, albeit only marginally, reports NaijaAgroNet.

This revelation was made by the Food and Agriculture Organization of the United Nations (FAO) in its latest report on food price index, saying that it averaged 129.8 points in February, a marginal 0.6-percent decrease from January but 18.7 percent down from its peak in March 2022.

Cereal price index rises to 1.7%

NaijaAgroNet:

The Food and Agriculture Organisation (FAO) Cereal Price Index rose 1.7 percent in April, its fourth consecutive monthly increase, and is now 15.4 percent above its value a year earlier, reports NaijaAgroNet.

Wheat prices NaijaAgroNet were supported by weather-related risks in the United States, while drought-reduced production in Argentina and lower plantings in the U.S. pushed up international maize prices. Rice prices also rose.

The FAO Dairy Price Index rose 3.4 percent from March, reflecting robust demand for all milk products and apprehensions about export availabilities in New Zealand.

The FAO Food Price Index is a measure of the monthly change in international prices of a basket of food commodities.

Declines were posted in April on the three other sub-indices. The FAO Vegetable Oil Price Index declined by 1.4 percent since March, while the FAO Meat Price Index fell 0.9 percent.

The FAO Sugar Price Index fell 4.8 percent in April from the previous month, continuing a decline that began last December, and averaging 24 percent lower than April 2017. Lower prices reflected a supply glut buoyed by record outputs in Thailand and in India, the world's second-largest sugar producer, as well as the depreciation of the Real, the currency of Brazil, the world's largest producer.

Isaac Oyimah/GEE

... Linking agrobiz, sustainable environs, people & technology

Food Price Index dips 1.3% in August

NaijaAgroNet:

The global food prices have dipped in month of August as a result of prospect from bumper cereal harvests expected for larger grain inventories, reports NaijaAgroNet.

The Food and Agriculture Organisation (FAO) Food Price Index made available to NaijaAgroNet, indicated a decline of 1.3 per cent from July assessment, thus averaging 176.6 points in August.

The drop, NaijaAgroNet reported, was largely driven by a 5.4 per cent decline in the FAO Cereal Price Index, reflecting a sharp fall in wheat prices as the outlook for production in the Black Sea region improved.

FAO raised its forecast for global cereal production to 2 611 million tonnes, an all-time record. Worldwide stocks of cereals are also expected to reach an all-time high by the close of seasons in 2018, according to the latest FAO Cereal Supply and Demand Brief, also released recently.

The new estimates reflect larger anticipated wheat harvests, as improved production prospects in the Russian Federation more than offset downward revisions made for Canada and the United States of America, as well as higher maize and barley outputs in Brazil and the Russian Federation. Global rice production in 2017 is also now forecast to reach a record high, according to FAO. 

Isaac Oyimah/GEE

... Linking agrobiz, sustainable environs, people & technology

NEPAD set to launch hunger, nutrition commitment index

NaijaAgroNet:

The stage is set for the formal launch of the Hunger and Nutrition Commitment Index (HANCI) for Africa by the New Partnership for Africa’s Development (NEPAD) and partners, reports NaijaAgroNet.

The Senior Communications Officer at the New Partnership for Africa’s Development (NEPAD), Ms Mwanja Ng'anjo, disclosed this to NaijaAgroNet, saying that NEPAD is partnership with the Institute of Development Studies on this project.

She also said that HANCI-Africa measures countries’ efforts to deliver on the African Union Malabo Declaration commitments of 2014 and other international commitments.

“It measures the efforts that 45 African governments undertake in terms of law, policy and spending, and identifies what they do well and where they need to go further in addressing hunger and undernutrition,” she said.

As said by her, through publicly available evidence, HANCI-Africa seeks to empower stakeholders to hold one another accountable, stressing that all is set for the launch this Thursday in Midrand, South Africa.

During the launch, Nganjo said, HANCI-Africa will be presented as a tool for advocacy, commitment monitoring and accountability.

In addition, she said, discussions will also centre on how the African Union, NEPAD, national governments, regional authorities and stakeholders can adopt, adapt, own and sustainably use the HANCI-Africa for monitoring the Malabo Declaration and other commitments towards addressing hunger and malnutrition.

Isaac Oyimah/GEE 

... Linking agrobiz, sustainable environs, people & technology

2/3 countries improve on food security - EIU

NaijaAgroNet:

World leader in global business intelligence, the Economist Intelligence Unit (EIU) in its Global Food Security Index (GFSI) annual update,Expo Milan 2015, revealed that two-thirds of 109 countries have improved in food security, reportsNaijaAgroNet.

The GFSI overall results, NaijaAgroNet gathered was unveiled at the DuPoint Forum on Food and Agriculture tagged; Rural and Urban Innovations, showed that sustained economic expansion in most regions and rapid growth in developing countries, especially in Sub-Saharan Africa, combined with lower global food prices provided the necessary food security improvement in almost every region of the world over the past year.

It further revealed that food security in Sub-Saharan Africa (SSA)improved in 28 countries in the region, with 82 percent recorded score increases between 2014 and 2015, and the region as a whole saw a score improvement of 1.5 points.

Also it pointed out that Sub-Saharan Africa saw impressive gains in food Quality & Safety, with Burkina Faso and Mali leading the way, driven by improved access to quality protein, a measure of the average consumption of essential amino acids in a country’s diet. Burkina Faso also made significant strides in the diet diversification indicator, with a 25% increase (87% score increase) in the amount of non-starchy foods consumed in the average diet.

Dr Richard Okine,Regional Director for DuPont Sub-Saharan Africa, speaking on the report said that,“Developing countries often lack basic infrastructure, including storage, road and port facilities, while smaller incomes inhibit access to and affordability of nutritious food. Political risk and corruption frequently compound structural difficulties in these countries. Investment in infrastructure and food systems in low-income and lower-middle income countries is the key to narrowing the gap.”

He also stressed that an overwhelmingly positive factor has been the fact that over the past few years, the overall economic growth in the developing world has led to improvements in the structural areas that are essential to improving people’s access to a wider range of affordable, nutritious foods.

“This, according to Dr. Okine, includes more extensive food safety-net programmes, expanded crop storage capacity and dietary diversity.”

With such progress notwithstanding, global food insecurity remains a challenge. According to UN estimates,NaijaAgroNet learnt that the world population is projected to increase by 1 billion over the next 12 years and reach 9.6 billion by 2050, with growth coming mainly from developing countries, with more than half in Africa. As populations’ boom and incomes rise in developing countries, the FAO also estimates that food production will have to grow by 50% to meet demand.

The GFSI is an annual measure of food security across 109 countries, produced by the EIU and sponsored by DuPont.

Daniel Nsolibe/GEE

 

... Linking agrobiz, sustainable environs, people & technology

FAO: Sugar induces decline in food price index

 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 index, NaijaAgroNet gathered has been on a downward path since April 2014.

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

... Linking agrobiz, sustainable environs, people & technology