Global food prices marginally up in April

World's food prices rose slightly last month as increasing meat, cereals and vegetable oils prices offset drops for dairy and sugar, the UN Food and Agriculture Organization (FAO) reported on Friday.

The FAO Food Price Index averaged 119.1 points this April, down 0.3% from March and 9.6% from April 2023.

The index is a trade-weighted index that tracks international market prices of five major food commodity groups.

The cereal price index gained 0.3% from a month earlier, ending a three-month falling streak.

It stressed that the global wheat export prices stabilized in April as strong competition among major exporters offset concerns about unfavorable crop conditions in parts of the EU, Russia, and the US.

The vegetable oil price index increased 0.3% month-on-month, hitting its 13-month high.

The meat price index rose 1.6% from the prior month in April, thanks to the hike in international poultry, bovine and ovine meat prices.

The indexes for dairy products and sugar, on the other hand, fell 0.3% and 14.7%, respectively, in the same period.

The significant decline in the FAO Sugar Price Index was mostly led by improved global supply prospects, notably due to larger-than-previously-anticipated outputs in India and Thailand and improved weather conditions in Brazil.