Global food commodity prices experienced a notable decline in May, driven by significant drops in the cost of grains, sugar, and vegetable oils, the United Nations' Food and Agriculture Organization (FAO) reported on Friday.
This downward trend offers a glimmer of relief amidst ongoing concerns about food security and affordability worldwide.
The FAO Food Price Index, a closely watched benchmark that monitors monthly fluctuations in a basket of internationally traded food commodities, registered an average of 127.7 points in May. This figure represents a 0.8% decrease from the April reading, indicating a broad-based softening in prices across several key food groups. The most substantial declines were observed in grain prices, sugar prices, and the cost of vegetable oils.
"The downward movement in May's food price index is a positive development," stated an FAO spokesperson. "While various factors influence these trends, the current decline is largely attributable to improved supply prospects and easing demand in certain sectors."
In a separate and equally significant report, the FAO delivered an optimistic forecast for global grain production. The organization now anticipates a record-breaking output of 2.911 billion tons of grains in 2025. This revised estimate is a substantial increase from its previous projection of 2.848 billion tons, signalling a potentially more robust supply of staple grains in the coming year. This anticipated surge in grain production could play a crucial role in stabilising global food markets and potentially lead to further price moderation in the future. Increased supply often translates to lower prices, which would be welcome news for consumers and food-importing nations grappling with inflationary pressures.
The FAO continues to monitor global food markets closely, providing vital data and analysis to inform policy decisions aimed at ensuring global food security and sustainable agricultural development.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 12th of December, covering the latest developments you need to...
NATO's Secretary-General urged European leaders to step up defence efforts to prevent a war waged by Russia, that could be "on the scale of war our gr...
A powerful magnitude 6.7 earthquake has struck northern Japan, triggering tsunami warnings and forcing thousands of residents to flee to higher ground...
The resignation of Bulgaria's government on Thursday (11 December) puts an end to an increasingly unpopular coalition but is likely to usher in a peri...
Ukraine has presented the U.S. with a revised 20-point framework to end the war with Russia, President Volodymyr Zelenskyy said on Thursday, adding th...
An integrated mountain agropastoral system in Tajikistan has become the first Central Asian addition to the Globally Important Agricultural Heritage Systems (GIAHS), - the Food and Agriculture Organization of the United Nations (FAO) announced.
Russia is set to maintain its dominance in the global wheat market, remaining the world’s top exporter for the second consecutive year, as global wheat exports face a sharp decline, according to the UN’s Food and Agriculture Organization.
The Food and Agriculture Organization of the United Nations (FAO) has warned that, without immediate and sustained support, thousands of rural households in Ukraine may be unable to plant or harvest on schedule—threatening both national food security and rural livelihoods.
Gaza’s food production is collapsing, with more than 80% of farmland damaged and most green houses destroyed according to the FAO of the United Nations. Its new report says, nearly the entire population faces severe food insecurity, prompting urgent calls for humanitarian aid to prevent famine.
In a dramatic Champions League clash at Baku’s Tofiq Bahramov Stadium, Qarabağ grabbed an early lead, but Ajax staged a thrilling comeback to win 4-2.
A powerful magnitude 6.7 earthquake has struck northern Japan, triggering tsunami warnings and forcing thousands of residents to flee to higher ground.
Iran is preparing to host a multilateral regional meeting next week in a bid to mediate between Afghanistan and Pakistan.
The United States issued new sanctions targeting Venezuela on Thursday, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.
Iran's President Massoud Pezeshkian has begun a two day visit to Kazakhstan, with officials from both sides describing the trip as an opportunity to advance cooperation in trade, transport, industry, mining and cultural exchanges.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
China has carried out a major test of a new “super wireless” rail convoy, a technology that could reshape the future of heavy-haul transport.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
U.S. industrial production rose by 0.1% in September, rebounding after a decline in August, while capacity utilisation remained unchanged, according to Federal Reserve data on Wednesday.
Google’s YouTube has announced a “disappointing update” for millions of Australian users and creators, confirming it will comply with the country’s world-first ban on social media access for under-16s by locking affected users out of their accounts within days.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment