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The FAO Food Price Index (FFPI) averaged 134.4 points in November 2021, up 1.6 points (1.2 percent) from October and 28.8 points (27.3 percent) from November 2020. The latest increase marked the fourth consecutive monthly rise in the value of the FFPI, putting the index at its highest level since June 2011. Among the sub-indices, in November those for cereals and dairy rose most significantly, followed by sugar, while those for meat and vegetable oils were down, albeit slightly, from the previous month.
The FAO Meat Price Index averaged 109.8 points in November, down 1.0 point (0.9 percent) from October, falling for the fourth consecutive month, though still 16.5 points (17.6 percent) above its value in the corresponding month a year ago. In November, international quotations for pig meat fell for the fifth consecutive month, underpinned by reduced purchases by China, especially from the European Union.
The FAO Cereal Price Index averaged 141.5 points in November, up 4.3 points (3.1 percent) from October and 26.6 points (23.2 percent) above its level one year ago. Strong demand amid tight supplies, especially of higher quality wheat among major exporters, continued to lift wheat prices for a fifth consecutive month, to their highest level since May 2011. Potentially reduced quality of the ongoing harvest in Australia, following untimely rains, and uncertainty regarding potential changes to export measures in the Russian Federation also provided support. Among coarse grains, international barley prices continued to rise on tight supplies and spillovers from wheat markets. Maize export prices rose slightly in November, receiving support from strong pace in sales from Argentina, Brazil and Ukraine, while seasonal supply pressure capped export prices from the United States of America. By contrast, international rice prices remained broadly steady in November, reined in by harvest progress in various Asian suppliers and scattered import demand.
The FAO Vegetable Oil Price Index averaged 184.6 points in November, down marginally (by 0.3 points or 0.2 percent) from the record high registered in the previous month. The slight decrease reflected somewhat lower values for soy and rapeseed oils, while quotations for palm oil remained virtually unchanged. As for soy and rapeseed oils, world prices retreated moderately, broadly softened by demand rationing. Meanwhile, lower crude oil values also weighed on vegetable oil prices.
December 3, 2021/ FAO.
http://www.fao.org
