The decrease is 0.8 percent compared to the record level reached in March 2022.
World food prices fell in April, after a significant jump the previous month, mainly due to a modest decline in vegetable oil and cereal prices, the UN Food and Agriculture Organization (FAO) said on Friday.
According to the UN agency, its Food Price Index recorded an average value of 158.5 points in April 2022, down 0.8 percent from the record level reached in March. The Index, which tracks monthly changes in international prices for a basket of commonly traded food items, was still up 29.8 percent from its April 2021 level.
For vegetable oils, prices fell 5.7 percent in April, erasing nearly a third of the increase recorded in March. Demand rationing pulled down prices for palm, sunflower, and soybean oils.
“This slight decline in the index is welcome, especially for low-income food-deficit countries, but food prices remain close to their recent highs, due to the continued tightness of the market, which is undermining the food security of the most vulnerable around the world,” said FAO Chief Economist Máximo Torero Cullen.
In cereals, prices fell 0.7 points in April, dragged down by a 3.0 percent decline in world maize prices. International wheat prices, which are being strongly affected by the prolonged port blockage in Ukraine and concerns about U.S. growing conditions, gained 0.2 percent. This increase was tempered by higher shipments from India and a larger than expected export volume from the Russian Federation. International rice prices rose 2.3 percent from March levels, supported by strong demand in China and the Near East.
Meanwhile, the FAO Sugar Price Index rose 3.3 percent, driven by higher ethanol prices and concerns about the slow start to the 2022 crop in Brazil, the world’s largest sugar exporter.
As for the Meat Price Index, it recorded a 2.2 percent increase from the previous month and reached a new record level. Prices for poultry, pork, and beef have risen. In addition, disruptions to exports from Ukraine and the spread of avian influenza in the northern hemisphere affected poultry prices. In contrast, sheep meat prices averaged slightly lower.
The FAO Dairy Price Index was also up, by 0.9 percent, due to the continued tightness of world supplies. Indeed, milk production in Western Europe and Oceania continued to perform below seasonal levels. The largest increase was in international butter prices, where demand soared due to the current shortage of sunflower oil and margarine.
TE/ard/lb/abj/APA