ROME, March 4. /TASS/. Global prices for food commodities are growing for the ninth consecutive month, primarily for sugar and vegetable oils, the Food and Agriculture Organization of the United Nations (FAO) reports on Thursday.
"The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 116.0 points in February, 2.4% higher than the previous month and up 26.5% from a year ago," the Organization reports.
The vegetable oil price index gained 6.2% and reached its highest value since April 2012. The sugar price index surged by 6.4% against January, "s production declines in key producing countries together with strong import demand from Asia prompted ongoing concerns over tighter global supplies. Expectations of a production recovery in Thailand and a bumper crop in India dampened the increase," FAO says.
The dairy price index gained 1.7%. The cereal price index added 1.2% monthly, while the meat price index increased by 0.6%.
"Global wheat production in 2021 is likely to increase and hit a new record of 780 million tonnes, according to FAO's preliminary forecast, as expectations of a rebound in production in the European Union more than offset weather-impacted production prospects for output in the Russian Federation," FAO noted.