Food prices down at the end of 2017 but still on the rise compared to 2016
The index stood at 169.8 points in December 2017, down 3.3 percent from November. However, compared to 2016 the FAO Food Price Index averaged 174.6 points in 2017, up 8.2 percent, a record high for the last three years.
The FAO Meat Price Index slightly slipped in December as bovine meat confronted a strong supply pressuring international prices in this market segment. For the year, the subindex registered a 9 percent increase from its 2016 level. However, pig, poultry, and ovine meat quotations changed only a little, reflecting an overall balanced supply and demand situation.
In 2017, ovine meat prices recorded the largest increase, followed by those of pigmeat, poultry, and beef.
Also, The FAO Cereal Price Index remained broadly stable for the third consecutive month. Wheat prices have registered a slight decline but that was compensated by a rise of prices on maize and rice.
FAO Price Indexes for Dairy, Vegetable Oil and Sugar declined by 9.7%, 5.6%, and 4.1% but only sugar prices have marked an 11.2 percent decline on year to year basis due to a bumper harvest reported by Brazil.
(Photo source: Wikimedia Commons)
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