The index of global food costs rose in April for the first time in a year
World food prices rising again – UN
© Getty Images / Luis Alvarez
The Food and Agriculture Organization (FAO) of the United Nations reported on Friday that global food prices grew in April for the first time in a year.
The price index, which tracks the most globally traded food commodities, averaged 127.2 points last month, compared to 126.5 for March.
“The slight rebound in the FFPI (FAO Food Price Index) in April was led by a steep increase in the sugar price index, along with an upturn in the meat price index, while the cereals, dairy and vegetable oil price indices continued to drop,” the FAO said.
According to the report, the sugar price index soared 17.6% from March, hitting its highest level since October 2011. The rise was reportedly linked to concerns over tighter supplies following downward revisions to production forecasts for India and China, along with lower-than-expected output in Thailand and the European Union.
The meat price index was up 1.3% from March, while dairy prices fell 1.7%. Vegetable oil prices were also down 1.3%, marking the fifth consecutive monthly decline.
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The cereal price index dropped 1.7%, with a decline in world prices of all major grains outweighing an increase in rice prices.
“The increase in rice prices is extremely worrisome and it is essential that the Black Sea initiative is renewed to avoid any other spikes in wheat and maize,” said FAO Chief Economist Maximo Torero.
The FAO report indicated that international wheat prices declined by 2.3% in April to their lowest level since July 2021, principally driven by large exportable availabilities in Russia and Australia.
According to the UN body, favorable crop conditions in Europe, along with an agreement at the end of April allowing Ukrainian grains to transit through European Union countries that had imposed import restrictions earlier in the month, also contributed to the “overall softer tone in markets.”
Meanwhile, Torero projected that as global economies “recover from significant slowdowns, demand will increase, exerting upward pressure on food prices.”.....More Below
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At a northeastern suburb in the capital city Caracas, locals can still purchase most of the commonly used medicines at a major supermarket, where some antibiotics have been sold out, and some first-aid medicines and supplies have become too costly for ordinary residents.
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Russian President Vladimir Putin says Moscow is prepared to use military force to achieve the goals of its special military operation if Ukraine continues to delay peace talks.
During an inspection of a Russian armed forces command post on Saturday, Putin stressed that Moscow will not allow Kiev’s obstruction to prevent progress.
“If the Kiev authorities do not want to resolve the matter peacefully, we will accomplish all the tasks before us in the course of the special military operation by military means,” he said.
The Russian leader noted that the Ukrainian authorities are not moving toward a peaceful resolution, adding, “We see that even today, unfortunately, the leaders of the Kiev regime are in no hurry to resolve this conflict peacefully. I spoke about this a year ago in a speech at the Ministry of Foreign Affairs.”
Putin also received reports from Chief of General Staff Valery Gerasimov and commanders of Russia’s “Centre” and “East” military groups.
Meanwhile, ...
