FAO: Food Price Index holds steady in September

Tuesday-2019-10-08 | 04:32 pm local_news

The Food and Agriculture Organization's Food Price Index (FPI) remained stable in September, as the drastic decline in sugar prices was almost entirely offset by higher prices of vegetable oils and meat.

The FPI averaged nearly 170 points in September 2019, unchanged from August, but 3.3 percent higher than in the corresponding period last year, according to the organization's monthly report.

The Cereal Price Index also remained stable in September, while wheat prices went up and maize prices declined.

International rice prices were steady to mildly lower, amid slow import demand and uncertainties surrounding policies in the Philippines and Nigeria.

The Vegetable Oil Price Index averaged 135.7 points in September, up 1.4 percent from August, marking the highest level in 13 months.

While international palm oil values rose on steady import demand from India and China, rapeseed oil price quotations continued to increase, fuelled by the European Union's deteriorating production outlook amid firm demand from the biodiesel sector. By contrast, soy and sunflower oil prices dropped.

The Sugar Price Index averaged 168.0 points, down nearly 3.9 percent from August. The decline was largely driven by the expectation of ample sugar stocks and the reduced demand in Brazil on sugarcane for the production of ethanol.

The Dairy Price Index averaged 193.4 points, down 0.6 percent from the previous month. Price quotations for cheese and butter fell, especially at the lower end of the price range.

The Meat Price Index averaged 181.5 points, up 0.8 percent from August, amid import demand, especially from China, according to the report.