April rise reflected higher prices for sugar, meat and rice. Read more at straitstimes.com.
ROME - The United Nations food agency’s world price index rose in April for the first time is a year, but is still some 20 per cent up on a record high hit in March 2022 following Russia’s invasion of Ukraine.
“As economies recover from significant slowdowns, demand will increase, exerting upward pressure on food prices,” said FAO chief economist Maximo Torero.FAO said the rise was linked to concerns of tighter supplies following downward revisions to production forecasts for India and China, along with lower-than-earlier-expected outputs in Thailand and the European Union.
In a separate report on cereals supply and demand, the FAO forecast world wheat production in 2023 of 785 million tonnes, slightly below 2022 levels but nonetheless the second largest outturn on record.
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