FAO warns on decade-high world food prices

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Food is growing costlier, though production too is rising in parallel.

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 FAO warns on decade-high world food prices

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  • The story: The Rome-based Food and Agriculture Organization (FAO) which is the UN's food agency said world food prices rose for a second consecutive month in September to reach a 10-year peak, driven by gains for cereals and vegetable oils.
  • Production and Price Index: FAO projected record global cereal production in 2021, but said this would be outpaced by forecast consumption. FAO's food price index, which tracks international prices of the most globally traded food commodities, averaged 130.0 points last month, the highest reading since September 2011.
  1. The figure compared with a revised 128.5 for August. The August figure was previously given as 127.4.
  2. On a year-on-year basis, prices were up 32.8% in September.
  3. Agricultural commodity prices have risen steeply in the past year, fuelled by harvest setbacks and Chinese demand.
  4. The FAO's cereal price index rose by 2.0 percent in September from the previous month. That was led by a near 4 percent increase for wheat prices, with the UN agency citing tightening export availabilities amid strong demand.
  5. Among major cereals, wheat will be the focus in the coming weeks as demand need to be tested against fast rising prices.
  • Oil pricces: World vegetable oil prices were up 1.7 percent on the month and showing a year-on-year rise of about 60 percent, as palm oil prices climbed on robust import demand and concerns over labour shortages in Malaysia. Palm oil futures have rallied further in early October to hit record highs as a surge in crude oil markets has lent further support to vegetable oils used in biodiesel.
  • Sugar: Global sugar prices rose 0.5 percent in September with concern over adverse crop weather in top exporter Brazil partly offset by slowing import demand and a favourable production outlook in India and Thailand.
  • Food stocks: For cereal production, FAO projected a record world crop of 2.800 billion tonnes in 2021, up slightly from 2.788 billion estimated a month ago. That would be below world cereal use of 2.811 billion tonnes, a forecast revised up by 2.7 million tonnes from a month earlier mainly to reflect increased wheat use in animal feed, FAO said in a cereal supply and demand note. Global cereal stocks were expected to ease in 2021/22 but would still be at a comfortable level.
  • FAO food price index: The Food and Agriculture Organization’s (FAO) food price index was introduced in 1996 as a public good to help in monitoring developments in the global agricultural commodity markets. It is a measure of the monthly change in international prices of a basket of food commodities, and measures changes for a basket of cereals, oilseeds, dairy products, meat and sugar. The Base Period is 2014-16. The FAO is a specialized agency of the United Nations that leads international efforts to defeat hunger. The World Food Day is celebrated every year around the world on 16th October. The day is celebrated to mark the anniversary of the founding of the FAO in 1945. India released a commemorative coin of Rs. 75 denomination to mark the 75th Anniversary of the FAO (16th October 2020). It is one of the UN food aid organisations based in Rome (Italy). Its sister bodies are the World Food Programme and the International Fund for Agricultural Development (IFAD). Its initiatives include - (i) Globally Important Agricultural Heritage Systems (GIAHS); (ii) Monitors the Desert Locust situation throughout the world; (iii) The Codex Alimentarius Commission or CAC is the body responsible for all matters regarding the implementation of the Joint FAO/WHO Food Standards Programme; and (iv) The International Treaty on Plant Genetic Resources for Food and Agriculture was adopted by the Thirty-First Session of the Conference of the Food and Agriculture Organization in 2001.
  • EXAM QUESTIONS: (1) Explain the policy imperatives for the government of India, in light of the steadily rising Food Price Index of FAO. (2) Comment on the national food security act of India, and the kind of procurement pressures the government faces.
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PT's IAS Academy: FAO warns on decade-high world food prices
FAO warns on decade-high world food prices
Food is growing costlier, though production too is rising in parallel.
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PT's IAS Academy
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