1/18/2024 0 Comments Pricetracker trendFAO Dairy Price Index: This sub-index tracks changes in the prices of dairy products, including milk, cheese, and butter, which are important sources of protein, fat, and other nutrients in many diets.FAO Vegetable Oil Price Index: This sub-index monitors price trends for major vegetable oils, such as palm oil, soybean oil, and sunflower oil, which are widely used in food production and are important sources of fat and calories in many diets. FAO Cereal Price Index: This sub-index tracks changes in the prices of wheat, maize, rice, barley, and other cereal crops, which are some of the most important staple foods for people around the world.These commodity groups are tracked by their own sub-indicies: The FAO Food Price Index comprises five major commodity groups: cereals, vegetable oils, dairy, meat, and sugar. Despite these ongoing reductions, the overall index remains significantly elevated compared to its pre-pandemic level. From its record peak in March 2022, the index is now 23.4% lower. In June 2023, food prices as measured by the FAO Food Price Index (FFPI) continued its declining trajectory, with the index falling 1.4% from 124.0 in May to 122.3. For example, if the index value is 120, it means that the average price level for the basket of food commodities in that year is 20% higher than the average price level in the base period (2014-2016). Subsequent values of the index represent the percentage change in the average price level compared to the base period. The index is set to 100 for the years 2014-2016, meaning that the average price level for the basket of food commodities in those three years is used as the reference point or base period. The FAO Food Price Index, published by the Food and Agriculture Organization of the United Nations (FAO), is a key barometer of the world food market, tracking changes in global food prices over time. Fluctuations in food prices can have significant economic and social consequences, affecting the availability and affordability of food around the world. Food prices are a critical aspect of the global food system, as they impact everyone from producers and distributors to consumers and policymakers.
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