World food prices rose significantly in November, reaching their highest point in more than two years, driven by jumps in the international prices of meat products and vegetable oils.
The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 177.2 points over the month, up 2.7 per cent from October and 9.5 per cent from the same period a year earlier.
The FAO Vegetable Oil Price Index rose by 10.4 per cent in November, as palm oil price quotations rose amid robust global import demand, increased use for the production of biodiesels and expectations of possible supply shortages next year. Rapeseed and soy oil values also rose.
The FAO Meat Price Index increased by 4.6 per cent, its largest month-on-month increase in more than a decade. Price quotations for bovine and ovine meats rose the most, buoyed by strong import demand, especially from China ahead of year-end festivities. Pig and poultry meat prices also rose.
The FAO Sugar Price Index rose by 1.8 per cent from October, buoyed by mounting indications that world sugar consumption in the coming year will surpass production – which is being hampered by less-than-ideal growing conditions in Thailand, India, France and the USA. Read more …