World food prices rose in April for the first time in a year
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World food prices increased in April after a year-long decline, reported Food and Agriculture Organization of the United Nations (FAO). This was affected by rising prices for sugar and meat.
The FAO Food Price Index for common food commodities averaged 127.2 in April, up 0.6% from March. The value of this indicator was 19.7% lower than the level of April 2022, but still 5.2% higher than April 2021.
Sugar prices in April rose by 17.6% compared to March and reached the highest level since October 2011. This was due to lower production in India, China, Thailand and the EU due to dry weather and higher crude oil prices. Meat prices rose by 1.3% due to higher prices for pork.
The grain price index fell by 1.7% over the month and by 19.8% in annual terms. Wheat fell 2.3% due to increased exports by Russia and Australia. Corn prices fell by 3.2%.
“As the economy recovers from a significant downturn, demand will increase, putting upward pressure on food prices,” FAO Chief Economist Maximo Torero commented on April results.
Prices for dairy products decreased by 1.7%, and for vegetable oil – by 1.3%.
On April 19, Minister of Agriculture Dmitry Patrushev at a meeting of Russian President Vladimir Putin with members of the government announced that the grain harvest in Russia, taking into account new regions, according to the results of this year will be about 123 million tons. According to Rosstat, the harvest of grain and leguminous crops in the Russian Federation in 2022 amounted to a record 157.6 million tons, which is 29.9% more than in 2021 (121.4 million tons). In 2020, Russian farmers harvested 133.5 million tons of grain.
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