FAO Global and regional consumer food inflation monitoring

Global overview
As forecasted in the previous release, global food consumer inflation has evolved in the range of 5-5.5% year-over-year in the period from May to July 2014. After a year-over-year increase of 5.1% in April and 5.4% in May 2014, food price increases slowed down to 4.9% in July, the last month for which data was collated. We forecast year-over-year inflation of 3.2% in October 2014, in line with the steady reduction in the reference prices of major agricultural commodities.

Food consumer price inflation – global and regions (year-over-year)

Source: ILO (Laborsta) for the country food CPIs, FAO Statistics Division for the calculation



FAO’s Global and Regional Food Consumer Price Indices (CPI) measure food inflation for a group of countries at different geographical scales: sub-regional (e.g.  South America), regional (e.g. Americas) and global (world, all countries). The Global Food CPI covers approximately 150 countries worldwide, representing more than 90% of the world population.

The source of data for the country CPIs are the International Labour Organization (ILO), the UN Statistics Division and websites of national statistical offices or central banks. The aggregation procedure is based on the use of population weights. We gratefully acknowledge the Statistics Division of the ILO for their methodological and technical guidance on the compilation of regional food inflation indices.

Because of significant conceptual and methodological differences involved in the compilation of national CPIs by countries around the world, any global and regional CPI aggregates should be used with caution.