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RADP / Pulse Ghana  >  news  >  business

Global food prices hit 7-year low

Abu Mubarik

The FAO Food Price Index is a trade-weighted index tracking international market prices for five key food commodity groups: major cereals, vegetable oils, dairy, meat and sugar.

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The Food Price Index averaged 150.4 points in January, down 16 percent from a year earlier and registering its lowest level since April 2009.

Slow economy growth, strong dollar, ample supply and sluggish demand are the main underlying reasons accounting for the decline.

Cereal Price Index averaged 149.1 points in January, down 2.5 points (1.7 percent) from December.

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Vegetable Oil Price Index averaged 139.1 points in January, down 2.4 points (1.7 percent) from December.

Dairy Price Index averaged 145.1 points in January, down 4.4 points (3.0 percent) from December.

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Meat Price Index averaged 148.3 points in January, down 1.7 points (1.1 percent) from its December revised value.

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Sugar Price Index averaged 199.4 points in January, down 8.4 points (4.1 percent) from December, marking the first decline after four months of steady rises.

The FAO Food Price Index is a trade-weighted index tracking international market prices for five key food commodity groups: major cereals, vegetable oils, dairy, meat and sugar.

Abu Mubarik Abu Mubarik Abu Mubarik is a writer at Pulse Ghana with special interests in Ghana politics, international relations and geopolitics.

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