"Faw": Rising prices of vegetable oils raise the food price index
Geneva, December 6 / WAM / The Food and Agriculture Organization of the United Nations (FAO) said that the rise in vegetable oil prices raised the food price index, but the decline in the prices of grains and sugar mitigates the rise, noting that the organization’s average food price index reached 127.5 points. In November 2024, it was 0.5% higher than the October level, and reached its highest value since April 2023.
The organization indicated in a report issued today in Geneva that the rise was driven by the rise in the prices of dairy products and vegetable oils, which slightly outweighed the declines in the prices of meat, grains and sugar.
The report, which highlights the movement of the global price index and is issued monthly, added that compared to historical levels, the organization’s food price index was 5.7% higher than its corresponding value a year ago, but it remained 20.4% lower than its peak of 160.2 points that it reached in March 2022. .
On a related level, the report said that the average grain price index reached 111.4 points in November, a decrease of 3.0 points and 2.7% from October and 9.6 points and 8.0% from its value in November 2023, pointing out that wheat prices decreased from one month to another. Due to increased supplies from the ongoing harvest in the Southern Hemisphere, and improved crop conditions for the 2025 harvest in some major exporting countries in the Northern Hemisphere.
He explained that the average meat price index of the Food and Agriculture Organization reached 118.1 points in November, a decrease of 0.9 points and 0.8% from the revised value for October, but an increase of 6.6 points and 5.9% over last year, noting that global poultry meat prices decreased slightly, and that Under pressure from abundant export supplies from major producing regions, while international beef prices remained broadly stable.
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