Food and Agriculture Organization of the United Nations report: Global food prices have risen for ten consecutive months, with vegetable oil and dairy products quotations rising the most

On April 8, the Food and Agriculture Organization of the United Nations (FAO) issued a report stating that global food commodity prices rose for the tenth consecutive month in March this year, with vegetable oil and dairy products quotations rising the most.

The "FAO Food Price Index" tracks the changes in international prices of food commodities that are most active in global trade on a monthly basis.
The index in March this year averaged 118.
5 points, an increase of 2.

1% from the previous month, and has climbed to the highest level since June 2014.

The trend of global food commodity quotations varies with different commodity types.
In March, the FAO vegetable oil price index rose by 8% month-on-month, which was close to the highest level in the past decade.
This led to the increase in the overall food commodity price index in March.
The price of soybean oil rose sharply due to the potential strong demand for the biodiesel sector.

The FAO dairy price index in March increased by 3.
9% compared to February.
The tight supply in Europe and the expected recovery of the catering service industry have boosted demand and boosted the price of butter.

Due to the declining production in Oceania and the scarcity of shipping container resources in Europe and North America, imports from Asia, especially China, have surged, and milk powder prices have also risen.

The FAO Meat Price Index rose 2.
3% month-on-month in March, and Chinese imports and sales within Europe on the eve of Easter celebrations surged, supporting the rise in poultry and pork quotations.
While beef prices remained stable, mutton prices fell.

This was due to the dry weather in New Zealand that caused local farmers to choose to sell their sheep earlier.

In contrast, the FAO Cereal Price Index fell by 1.
8% in March, but it is still 26.
5% higher than the same period last year.

The leading decline in wheat export prices reflects the overall good supply of crops in 2021 and the optimistic outlook for production.
Corn and rice prices have also been lowered, but sorghum prices have risen.

The outlook for the cereal crops in 2021 is optimistic.
FAO expects that world cereal production will increase for the third consecutive year in 2021.
At the same time, affected by better-than-expected crop harvests in some countries, FAO has raised its preliminary forecast for global wheat production.

Production in most of Europe may rebound sharply and India is expected to obtain a record harvest, pushing the global wheat production forecast for 2021 to a new high, which is expected to reach 785 million tons.

Top 15 in the U.
S.
with the biggest gainers

Top 15 in the U.
S.

with the biggest gainers

The COVID-19 pandemic lasted until the second year.
Due to the impact of the epidemic on the supply chain, food supplies were in short supply.
Global food prices continued to rise, and the United States was no exception.
From the beginning of 2020 to the beginning of 2021, the prices of many foods in American grocery stores have risen, and some of them have risen several times.

The pandemic has affected all aspects of life.
In addition to causing health hazards, in some cases, the virus has also made food production more difficult and expensive, and consumers’ demand for certain types of food changes rapidly.
The food supply chain is often disrupted, and food production companies Struggling to keep up with demand.

The global food price index rises for the 9th consecutive month

The global food price index rises for the 9th consecutive month

The February food price index released by the United Nations has risen for the 9th consecutive month, with an average of 116 points in February, an increase of 2.
4% from the previous month and an increase of 26.
5% from the same period last year, the highest level since 2014.
The prices of many categories including dairy products, sugar, meat, etc.
have all increased simultaneously, with the prices of sugar and vegetable oil rising the most.

The vegetable oil price index rose by 6.
2%, and the prices of palm oil, soybean oil, rapeseed oil and sunflower oil all rose.
The price index for dairy products rose 1.

7%, and the price of meat rose slightly by 0.
6%.

The cereal price index rose 1.
2% from the previous month.
Cereals are the basis for the overall food price increase, in large part because China has pushed up imports and prices to record levels.

Epidemic has caused changes in American food consumption

Epidemic has caused changes in American food consumption

In the early days of the COVID-19 pandemic, as more and more states issued “home orders,” Americans rushed to grocery stores to snap up a lot of storable food to prevent the epidemic from worsening and causing stock out.
The “home order” has also changed consumer behavior, and more people spend more time cooking at home.
Consumers are also buying more high-protein foods like meat, especially those that can be frozen and stored for a long time.

As demand increases and the supply chain is affected, these foods become more expensive.
Meat processing plants also often suspend production due to the COVID-19 outbreak.

In order to determine which groceries have the most price increases during the pandemic, the 247wallst website studied the changes in the consumer price index of the US Bureau of Labor Statistics for all food categories from January 2020 to January 2021.
The following are the most price increases.
15 kinds of daily food and beverages.

1.
Pork Chop

1.
Pork Chop

Price increase during one year: +7.
8%

During the COVID-19 period, no grocery item has increased in price more than pork chops.
Compared with the same period in 2019, by September 2020, sales of all types of pork have increased by 14.
9%, and dollar sales have increased by 22.
6%.

The price of pork chops peaked in June 2020 and rose by 21% in just a few months.

2.
Carbonated drinks

2.
Carbonated drinks

Price increase during one year: +7.
4%

The main reason for the price increase is the disruption of the carbon dioxide supply chain.
The products of ethanol producers are eventually converted into gasoline, and they collect carbon dioxide as a by-product and sell them to beverage producers.
But because Americans drive fewer cars and their demand for ethanol has fallen, so have ethanol producers’ carbon dioxide emissions.
Manufacturers of carbonated beverages report that carbon dioxide prices have risen by about 25%, most of which has been passed on to consumers.

3.
Uncooked beef steaks

3.
Uncooked beef steaks

Price increase during one year: +6.
6%

Consumers are cooking more at home, and the epidemic has affected many meat processing plants, which are the main reasons for the increase in raw steak prices.

The price of uncooked steak peaked in June 2020, and then the price dropped by more than 15%, but it was still 6.
6% higher in January this year than in January 2020.

4.
Canned vegetables

4.
Canned vegetables

Price increase during one year: +6.
5%

With the closure of restaurants due to COVID-19 and the disruption of the fresh produce supply chain, many consumers buy canned vegetables.
After the first surge in prices from March to April 2020, the price of canned vegetables continued to rise, reaching a peak in June 2020.

5.
Fresh and frozen chicken parts

5.
Fresh and frozen chicken parts

Price increase during one year: +6.
2%

In the COVID-19 pandemic, Americans are cooking at home more and more frequently, and people stock a lot of meat and protein foods.
During the epidemic, the supply of chicken in the United States was not as tight as beef and pork.

6.
Sugar and artificial sweeteners

6.
Sugar and artificial sweeteners

Price increase during one year: +6.
1%

7.
Poultry

7.
Poultry

Price increase during one year: +6.
1%

8.
Shelf stable fish and seafood

8.
Shelf stable fish and seafood

Price increase during one year: +5.
5%

9.
Citrus fruits

9.
Citrus fruits

Price increase during one year: +5.
4%

The virus pandemic has led to a massive increase in the demand for citrus fruits, among which citrus fruits rich in vitamin C help strengthen the immune system.

10.
Bacon and related products (Bacon and related products)

10.
Bacon and related products (Bacon and related products)

Price increase during one year: +5.
0%

11.
Frozen fish and seafood

11.
Frozen fish and seafood

Price increase during one year: +5.
0%

12.
Juices and nonalcoholic drinks

12.
Juices and nonalcoholic drinks

Price increase during one year: +5.
0%

13.
Processed fish and seafood

13.
Processed fish and seafood

Price increase during one year: +4.
9%

Starting from the summer of 2020, as consumers seek beef substitutes, seafood prices have risen.

14.
Bread other than white (Bread other than white)

14.
Bread other than white (Bread other than white)

Price increase during one year: +4.
8%

15.
Fresh whole milk (Fresh whole milk)

15.
Fresh whole milk (Fresh whole milk)

Price increase during one year: +4.
7%

In the early days of the COVID-19 pandemic, the price of fresh whole milk began to fall due to the closure of major milk consumers such as schools and restaurants, and dairy farmers were forced to abandon supply due to falling demand.
In the summer of 2020, seasonal demand surges, but supply is still low, and prices have soared and remained high.

Source: Economic Daily, Phoenix News

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