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International food commodity prices shot up 4.2 percent in June, their steepest monthly increase of the past four years.
The FAO Food Price Index averaged 163.4 points in June and is now one percent below the level reached a year earlier. The June rise, which affected all commodity categories except vegetable oils, was the fifth consecutive monthly increase.
The price movement reflects FAO's updating of its cereal supply and demand forecasts for the 2016/17 marketing season.
The FAO Cereal Price Index rose 2.9 percent in the month and is now 3.9 percent below its level of June 2015. Maize prices drove that increase, primarily due to tightening spot export supplies from Brazil. Ample wheat supplies and reports of record yields in the United States held down wheat prices.
The FAO Meat Price Index rose 2.4 percent from its revised May value, as average quotations for pork, beef and poultry all rose for the third consecutive month.
Thursday July 5, 2016/ FAO.
http://www.fao.org
