FAO Food Price Index
The FAO Food Price Index is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of five commodity group price indices, weighted with the average export shares of each of the groups for 2002-2004.
Monthly release dates for 2013: 10 January, 07 February, 07 March, 11 April, 09 May, 06 June, 04 July, 08 August, 05 September, 03 October, 07 November, 05 December.
FAO Food Price Index rose slightly in October
Please note that this November 2013 release of the FAO Food Price Index (FFPI) will introduce a number of revisions to the way the FFPI is calculated, including changes to its commodity coverage. The changes introduced did not significantly alter the values of the series. The revised FFPI has also been extended back to 1961.
For more detailed information (in all languages) please see the special feature article of the November 2013 issue of the Food Outlook. An expanded version of the article, which contains more technical background is available in English only.
Release date: 07/11/2013
» The FAO Food Price Index averaged 205.8 points in October 2013, 2.7 points (1.3 percent) above September, but still 11 points (5.3 percent) below its October 2012 value. Last month’s small increase is the first recorded since April 2013. It was largely driven by a surge in sugar prices, although prices of the other commodity groups were also up.
» The FAO Cereal Price Index averaged nearly 197 points in October, up 2 points (1 percent) from September, but still as much as 57 points (or 22 percent) below its October 2012 level. This year’s anticipated record cereal production and favourable supply outlook weighed on the quotations of most cereals, in particular, maize. However, wheat prices strengthened, supported by firm import demand and deteriorating prospects for production in Argentina and the Back Sea region. Following a marked fall in September, rice prices moved up slightly.
» The FAO Vegetable Oil Price Index averaged 188 points in October, 3.7 point (2 percent) up from September. Palm oil prices strengthened by over 5 percent, reaching a 13-month high, mainly on lower than anticipated production in Southeast Asia and firm world import demand. Soy oil values, on the other hand, weakened, stabilizing well below the levels recorded in October 2011 and 2012, in line with significantly improved supply prospects for soybeans in the 2013/14 season.
» The FAO Dairy Price Index averaged almost 252 points in October, 1 point (0.4 percent) more than in September. Demand for whole milk powder, especially from China, remains strong and prices for this product have risen, as have those of butter, while quotations for skimmed milk powder have weakened and those of cheese remained unchanged. Overall, the index stands 25 percent above its level in October 2012.
» The FAO Meat Price Index averaged 184.2 points in October, nearly unchanged from September. Regarding the different categories of meat, prices for bovine and ovine meat increased, while those of poultry and pig meat moved lower. The last two categories of meat have benefited from reduced feed prices. In the case of bovine and ovine meat, limited export supplies are lending support to prices.» The FAO Sugar Price Index averaged 265 points in October, up 18.4 points (7.4 percent) from September, marking the third consecutive monthly gain. The increase in October was mainly attributable to harvest delays due to unfavourable weather condition in the center-south region of Brazil, the world’s largest sugar producer and exporter. Also a fire that destroyed a major sugar warehouse at the Santos port in Brazil exacerbated the price surge. Overall, sugar prices were particularly volatile during the month of October, amid uncertainties on the extent of the anticipated production surplus for the new 2013/14 season.
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