World food prices have been rising for two months in a row

The UN FAO food price index in April increased by 0.3% or 0.3 p to 119.1p compared to March, which is 7.4% or 9.6p lower than in April 2023, the FAO press service reports.

After a 7-month decline, the growth of the price index resumed in March and continued in April. The increase in prices for meat and, to a lesser extent, oil was partially offset by a decrease in prices for sugar and dairy products.

The average grain price index in April decreased compared to March by 0.3% or 0.3 p to 111.2 p, which is 18.3% or 25 p lower than in April 2023. After a three-month decline in April, export prices stabilized wheat prices due to unfavorable weather conditions in certain regions of the EU, the USA and the Russian Federation, although active competition between exporters increases the pressure on quotations. Corn export prices rose in April amid strong import demand driven by infrastructure damage and logistical problems in Ukraine, as well as lower crop forecasts in Brazil.

The average vegetable oil price index in April rose 0.3% or 0.3p from March to a 13-month high of 130.9p, helped by higher sunflower and canola oil prices, although palm and soybean oil quotes for the period decreased.