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FAO Food Price Index Down in June

 07/15/2021

According to a release from the United Nations Foods and Agricultural Organization (FAO) the Food Price Index (FPI) averaged 124.6 points in June down 3.2 points or 2.5 percent from May.  Notwithstanding this reduction, the June 2021 level was 31.5 points higher than in the corresponding month in 2020.  Components of the FPI included:-

  • The FAO Cereal Price Index was down 3.5 points in June from the previous month to 129.4 points. The decline was due to falling corn prices in both Argentina and the U.S. and a favorable global outlook for coarse grains.
  • The Vegetable Oil Price Index fell 17.2 points or 9.8 percent from May to 157.5 points. Lower prices were posted for palm, soy and sunflower oils following twelve consecutive monthly increases.
  • The FAO Meat Price Index was up 2.2 points from May to 109.6 points in June and was 15.6 percent above the value for June 2020. The increase was in part attributed to purchases of pork by China and a relatively lower supply of slaughter stock in the U.S. and Brazil.
  • The FAO Dairy Price Index was down 1.2 points or 1.0 percent from May to 119.9 points. Global trade decreased and inventories rose in the E.U., with China reducing purchases of milk powder.