World food prices rise 1.1% in February
World food prices rose in February from the month before, as rising prices for staple grains and dairy products more than balanced out lower values for vegetable oils, the United Nations food agency said this week.
The Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 170.8 points, up 1.1pc from January.
Food prices on international markets were 2.7pc lower than last February, FAO said.
Agricultural commodities have emerged from a highly volatile period and FAO has said it expects them to remain stable over the next decade.
FAO raised its estimate for global cereals output in 2017 by 2m tonnes to 2.642 billion tonnes, a record high.
In its first forecast for 2018 wheat production, the agency predicted output of 744m tonnes, saying this would be an above average yield, but the second consecutive annual dip.