Driven mainly by higher cereal, sugar and dairy quotations, global food prices rose for the third consecutive month in July, according to the United Nations agriculture agency.<\/p>\n
\u201cThe FAO
Firmer wheat and rice quotations have supported a rise in the FAO Cereal Price Index, which, up 5.1 percent in July, has been surging consistently over the past three months.<\/p>\n
\u201cWheat values rose the most in July, as continued hot and dry weather conditions hampered spring wheat crops in North America, while seasonal tightness pushed up rice prices,\u201d FAO explained. \u201cOn the other hand, maize prices remained largely steady,\u201d it added.<\/p>\n
At the same time, the FAO Dairy Price Index gained 3.6 per cent in July, in what the Ä¢¹½ÊÓƵ agriculture agency says was underpinned by stronger prices of butter, cheese and whole milk powder.<\/p>\n
\u201cTighter export availabilities pushed butter prices to a new high in July, widening further the spread between butter quotations and other dairy products,\u201d the statement continued.<\/p>\n
Although the FAO Sugar Price Index rose by 5.2 per cent in July, it was the first monthly increase since the beginning of the year.<\/p>\n
\u201cThe strong appreciation of the Brazilian real was the main driver behind this rebound in sugar values. Despite the latest increase, sugar prices remain 26 per cent below the corresponding period last year,\u201d FAO maintained.<\/p>\n
Meanwhile, the FAO Vegetable Oil Price Index fell 1.1 per cent from June to its lowest level since August 2016.<\/p>\n
\u201cThe July slide primarily reflected good production prospects for palm oil in Southeast Asia and weak global import demand,\u201d according the statement.<\/p>\n
Finally, the Ä¢¹½ÊÓƵ agricultural agency pointed to a steady FAO Meat Price Index, concluding \u201can increase in international prices for bovine meat in July was offset by downward price movements in bovine, pig and poultry sectors.\u201d<\/p>\n
The FAO Food Price Index is a monthly measure of trade-weighted, index tracking international market prices of five major food commodity groups.<\/p>\n