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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