Food Prices Fall for the Fifth Straight Year
For the fifth straight year this time, the Global food prices fell. The United Nations Food and Agriculture Organisation on Thursday said. The global food price index of FAO in the year 2016 stood at 161.6 points which is 1.5 percent below the actual level. It is also lower by 30 percent as compared to the recorded data in 2011. In Spite of rise in prices of sugar and vegetable oils, fall in the prices of cereal, milk and dairy kept its index below what was recorded in the year 2015.
The FAO evaluates comparing a variety of commodities based upon their prices in the international market. The basket of commodities range across five groups – cereals, vegetable oils, dairy, meat and sugar. 2016 experienced a steady decline in cereal prices which fell to about 9.6 percent from 2015 and was down by 39 percent from its peak in 2011. On the contrary, sugar and vegetable oils experienced a price hike by 34.2 percent and 11.4 percent respectively.
Data from APEDA showed that in seven months from April to October of 2016-2017, India exported around INR 59,155 crore worth farm produce which was lower by 3 percent as compared to the same period in 2015-2016.
By BOA Bureau