Vegetable oil causes food commodity index to simmer – FAO
05/04/2024 (Just Food) - Rising international prices of vegetable oils, dairy products and meat pushed the index towards its first increase in seven months, the FAO said.
Global food commodity prices rose month-on-month in March after a seven-month run of declines, according to the latest data from the Food and Agriculture Organization of the United Nations.
The FAO’s food price index, which tracks monthly changes in the international prices of a set of globally-traded food commodities, increased 1.1% in March, compared to February, reaching 118.3 points.
Rising international prices of vegetable oils, dairy products and meat pushed the index towards its first increase in seven months, the FAO said.
The index fell year on year, falling down 7.7% from its corresponding value one year ago.
The FAO Vegetable Oil Price Index rose 8% compared to February, reaching a one-year high. The price of palm, soy, sunflower and rapeseed oils all increased.
“International palm oil prices increased due to seasonally lower outputs in leading producing countries and firm domestic demand in Southeast Asia, while those for soy oil recovered from multi-year lows, boosted by robust demand from the biofuel sector, particularly in Brazil and the United States of America,” the FAO said in a statement.