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World, Food rose for the third month in a row in May.

 World food prices in May continued to rise.

The FAO Extensive Food Price Index rose 0.9% compared to the previous month. However, the index is still 3.4% lower than in May 2023 and 24.9% lower than the record reached in March 2022, when global prices rose following the start of the conflict between Russia and Ukraine.

Grain and cereal prices rose 6.3%, although they are still 8.2% lower than the previous year’s levels. The FAO said the latest increase was due to concerns about the poor performance of harvests at the end of the year in Europe, North America and around the Black Sea, where agricultural areas remain under pressure due to the crisis in Ukraine.

Rice prices rose 1.3% in May due to increased demand in Indonesia and Brazil.

Food and dairy products rising in Europe.

Dairy products also increased, the FAO said, by 1.8%, as milk production in Western Europe is considered lower than normal and there are concerns that production in Oceania is also weak. Dairy prices were 3.5% above their level a year ago .

In contrast, sugar was 7.5% cheaper in May 2024 and 25.5% lower than the previous year’s levels. Prices fell due to indications that the harvest in Brazil, the world’s largest producer, would be strong this year.

Vegetable oils fell 2.4%, although they remained 7.7% above prices in May 2023. The FAO said demand for vegetable oils had declined, while production in Asia had improved.

Mesocarp prices were virtually unchanged, falling just 0.2%, as exports of most types of mesocarp remained strong, balancing growing demand.

See more information on the United Nations Food and Agriculture Organization (FAO) website.

Source : Xinhua Agency

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