World food prices in November did not change compared to the previous month. The decline in prices for cereals and meat was compensated by increases in prices for vegetable oils, dairy products and sugar. This follows from today news Food and Agriculture Organization of the United Nations (FAO). The organization also predicts record global cereal production this year.
The FAO index, which tracks prices of cereals, vegetable oils, dairy products, meat and sugar on international markets, was at 120.4 points in November. This is in accordance with the revision of the index value in October. However, when compared year-on-year, the index shows a decline of almost 11 percent, which means there is a decline in food prices.
World cereal prices fell by three percent month-on-month in November, meat prices fell by 0.4 percent. However, vegetable oil prices rose by 3.4 percent in November after three consecutive months of declines previously. Dairy product prices rose 2.2 percent, sugar prices rose 1.4 percent.
FAO today separately message they also raised their forecast for global cereal production this year by 3.6 million tonnes to 2.823 billion tonnes. Compared to last year, production should increase by 0.9 percent. The increase in estimates is primarily due to increased production in Russia and Türkiye.
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