Global food prices rebound in August

food-market

Global food commodity prices rebounded quickly in August after a second consecutive month of decline led by sugar, wheat, and vegetable oil, the Food and Agriculture Organisation of the United Nations (FAO) has said.

Details of this were highlighted in the FAO Food Price Index report released on Thursday. The index tracks the International prices of the most commonly traded food commodities.

The FAO Food Price Index averaged 127.4 points in August 2021, up 3.1 per cent from July and 32.9 per cent from the same period last year.

“The rebound in August after two consecutive months of decline was led by strong gains in the sugar, vegetable oils, and cereal sub-indices,” it said.

The FAO Sugar Price Index averaged 120.1 points in August, up by 10.5 points (9.6 per cent) from July, marking the fifth consecutive monthly increase and the highest level since February 2017.

“The latest hike in international sugar price quotations was prompted by concerns over frost damage to crops in Brazil – the world’s largest sugar exporter, adding to the negative impact of prolonged dry weather conditions.

Read more from the source: PREMIUM TIMES