The global food price index has shown an upward trend for three consecutive months. In particular, prices of oils and dairy products surged by over 20% compared to the same period last year.
According to the Ministry of Agriculture, Food and Rural Affairs on the 5th, the global food price index released by the United Nations Food and Agriculture Organization (FAO) last month recorded 127.1, rising 0.2% from the previous month. The global food price index is a figure that compares prices based on the average price from 2014 to 2016 set at 100, and it has risen for three consecutive months this year.
Looking at individual items, the oils price index stood at 161.8, up 3.7% from the previous month. Compared to one year ago (130.6), it is 23.9% higher. Palm oil prices surged as production in major producing countries declined due to seasonal factors. Soybean oil prices rose due to increased international import demand, while canola oil and sunflower oil prices increased due to a combination of supply shortages and rising demand.
On the other hand, the grain price index fell 2.6% to 109.7. This is analyzed to be due to eased concerns over wheat crop conditions in major Northern Hemisphere exporting countries and market sentiment being dampened by heightened trade tensions. Corn prices also declined due to improved crop conditions in Brazil, the start of harvest in Argentina, and weakened import demand from China.
The sugar price index dropped 1.4% to 116.9. The dairy product price index remained the same as last month at 148.7, but compared to one year ago (124.0), it rose by 19.9%.
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