2023-08-04 14:25:53
International food prices are once more affected by Russia. On August 4, the Food and Agriculture Organization of the United Nations (FAO) price index, which tracks the most traded food products globally, rose by 1.3%. This increase is due to a rapid increase in vegetable oil prices, the index of which rose by 12.1% in one month. An indirect consequence of “the decision taken by the Russian Federation to put an end to the implementation of the Black Sea Grain Initiative”, according to the FAO.
This is the first time the index has risen this year, following falling since July 2022, when it was 11.8% higher. The rise in the index was, however, contained by the sugar price index, which fell by 3.9% between June and July 2023, “in the context of good progress in the sugar cane harvest in Brazil and improvement in rainfall in most growing areas in India, which weighed on world prices,” according to the agency. In Brazil, the corn harvest was also abundant, causing the cereals index to fall by 0.5%, despite the increase in rice prices by 2.8%, a consequence of the “ban on June 20 last of India’s exports of non-parboiled Indica rice” by India, according to the FAO.
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Regarding the interruption of the cereals initiative by Russia, although the FAO “does not predict any risk on short-term global food availability, food access and affordability are of concern and the negative impact disruption on the resilience of agri-food systems should not be underestimated.”
With Archyde.com (Gus Trompiz, French version Nathan Vifflin, edited by Blandine Hénault)
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