October Witnessed Sharpest Increment in Monthly World Food prices Since July 2012

October Witnessed Sharpest Increment in Monthly World Food prices Since July 2012

F201111141649521701424698World food prices ascended in October, prodded by weather driven worries about sugar and palm oil supplies, however stayed well underneath their proportionate level a year prior, the United Nations food agency report says. The Food and Agriculture Organization’s (FAO) food price index, which measures month to month changes for cereals, dairy, meat oilseeds and sugar aggregated 162 points in October in contradiction to 155.9 the prior month.

The FAO said this was the sharpest increment since July 2012, despite the fact that food on global markets in October was still 16 percent less expensive than a year prior. The FAO’s sugar price index drove the ascent, bouncing 17.2 percent from September in view of fears of downpours in the principle sugar-growing areas of  Brazil, and worries of drought in India and Thailand.

Qualms on the probable impact of El Nino climatic phenomenon on Indonesian palm oil supplies in 2016 ended the vegetable oil price index to 6.2 percent. The FAO cut its figure for world grain yield in 2015 to 2.530 billion tons – somewhere in the range of 1.1 percent lower to a year ago’s record – from a past appraisal of 2.534 billion tons given a month ago.

“Half of the projection cut mirrored dimmer assumptions about maize crops in India and Ukraine, largely because of unfriendly climate,” the FAO said in an announcement. In any case, the U.N. body raised its reality wheat yield figure for 2015/16 to 736.2 million tons from 734.8 million, thanks to a bigger harvest in the European Union sooner than expected. “World cereal stocks are likely to stay at an agreeable level, with worldwide wheat inventories growing further, coming to their highest close in 15 years,” the FAO said.

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