The Food and Agriculture Organization (FAO) recently released data indicating a decline in the world food price index, marking its lowest level in nearly three years. This decrease was driven by notable drops in cereals and meat prices.
Wheat export prices saw a decline due to heightened competition among exporters and increased supplies from southern hemisphere countries. Similarly, maize prices experienced a sharp decrease, attributed to improved crop conditions and the onset of harvest in key producing regions such as Argentina and the United States.
The meat price index recorded its seventh consecutive monthly decrease, primarily due to abundant supplies from major exporting nations, resulting in reduced international prices for poultry, bovine, and pig meats.
In addition, the FAO projected that world cereal production in 2023 is set to reach an all-time high, indicating a 1.2% increase from the previous year. Similarly, global coarse grain output is expected to hit a record high, following adjustments based on new official data from key producing countries like Canada, China, Turkey, and the United States.
While these developments offer some relief amidst global inflation concerns, economists remain cautious in light of ongoing geopolitical tensions and supply chain disruptions.
Nevertheless, the FAO’s data provides valuable insights into the potential alleviation of inflationary pressures in the food sector.
Photo ( lematin.ma)
By: Montel Kamau
Serrari Financial Analyst
4th February, 2024
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