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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 151.8 points,
up 0.7 percent from March.
The index has declined annually for four straight years to near
seven-year lows amid slowing global growth, but ticked up in
April as gains in vegetable oils and cereals offset declines in
dairy and sugar.
Food prices on international markets in April were almost 10
percent lower than in the same month a year ago and more than
one third off historic highs hit in 2011, with only sugar and
vegetable oils more expensive than in April 2015.
Palm oil, quoted at a 17-month high, drove the increase in the
overall index as concerns about a grim production outlook for
the cooking ingredient coincided with rising global demand.
Cereals contributed more gently, rising 1.5 percent on the month
mainly thanks to the influence of a weaker U.S. dollar on maize
prices, and spillover from soaring oilseeds prices.
Rice prices declined marginally. Wheat markets made limited
gains due to expectations of large supplies in the new season.
Growing hunger for Australian beef in the United States pushed
the meat price index up 0.8 percent.
The FAO said world cereals output in 2016-17 could be the
second-largest global harvest ever at 2.526 billion tonnes,
almost unchanged from the previous year.
World wheat output is due to hit 716.9 million tonnes in
2016-17, the FAO said, raising its previous forecast.
(Reporting by Isla Binnie; Editing by Dale Hudson)
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