In November, the average value of the FAO food price index was 135,7 points, which was practically unchanged compared to October. This was announced by the press service of the organization.
“The rise in price indices for vegetable oils and Sugar was almost entirely due to the decline in price indices for Grains, dairy products and meat balanced. This means that the CPI value is only slightly (0,3 percent) above the level of November 2021,” the statement says.
In particular, the average value of the grain price index in November was 150,4 points, which is 1,9 points (by 1,3%) lower than the October index, but 9 points (by 6,3%) higher than last year. The worldwide wheat prices are down 2,8% in November, mainly due to the resumption of Russian participation in the Black Sea Grains Initiative and the extension of that agreement, as well as the weakening of import demand for supplies from the Black Sea USA due to uncompetitive prices and increased competition in world markets due to the increase in supplies from Russia.
Global feed grain prices are also down, down 1% from the previous month.
“The situation with the Black Sea Grain Initiative also has that corn prices affected, showing a 1,7% decline in November, also helped by the restoration of navigation on the Mississippi (USA) was funded,” the statement said.
The average price index for vegetable oils was 154,7 points in November, increasing by 3,4 points (by 2,3%) after seven months of continuous decline. The growth recorded in November is due to an increase in world prices for palm oil and soybean oil, which offset the decline rapeseed and sunflower oil prices more than compensated.