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World food prices climb for second month in September -FAO By Reuters

by Mike Robinson

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© Reuters. In this file photo from September 6, 2014, wheat is photographed at sunset in a field owned by Solgonskoye, a Russian farming company. REUTERS/Ilya Naymushin/Files

PARIS (Reuters] – The United Nations Food Agency reported Thursday that world food prices increased for the second month consecutively in September. This was driven by an increase in vegetable oils and cereals. They are still about a third higher than a year ago.

Rome-based Food and Agriculture Organizations (FAO) has increased slightly its projected global production of cereals in 2021 from 2.87 billion tonnes a month earlier.

FAO’s international food prices index tracks the global price of most commonly traded food commodities. It averaged 130.0 points for last month, as compared to an adjusted 128.5 in August.

The August number was originally given at 127.4.

The September price increase was 32.8% compared to the previous year.

The Chinese-fueled demand and harvest setbacks have caused agricultural commodity prices to rise steeply over the last year.

FAO’s 2021 forecast for cereal production showed a record crop, but it was still below the expected global demand. This led to a decline in predicted cereal stocks.

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