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00:55, 24 January 2018 Wednesday
Update: 01:43, 12 January 2018 Friday

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Global food prices went up in 2017: UN body
Global food prices went up in 2017: UN body

Food Price Index gains 8.2 percent year-on-year in 2017, reaching highest annual average since 2014

World Bulletin / News Desk

Global food prices rose by 8.2 percent in 2017 compared to the previous year, according to the United Nations Food and Agriculture Organization (FAO) on Thursday.

"...the FAO Food Price Index averaged 174.6 points in 2017, up 8.2 percent from 2016 and reaching the highest annual average since 2014," the organization said in a statement.

The FAO Food Price Index is a trade-weighted index that tracks international market prices of five major food commodity groups.

All sub-indexes except the sugar price index were higher in 2017, according to FAO.

The dairy price index saw the sharpest annual increase with 31.5 percent while meat prices rose by 9 percent last year, compared to 2016.

The vegetable oil and cereal prices were also up by 3 percent and 3.2 percent, respectively.

"Sugar prices were 11.2 percent lower, on average in 2017 than in 2016, due largely to a bumper harvest in Brazil, the world's leading producer," FAO said.

In December, global food prices dropped 3.3 percent compared to November 2017 due to a sharp decrease in vegetable oils and dairy products prices.

"The index, a measure of the monthly change in international prices of a basket of food commodities, stood at 169.8 points in December 2017, down 3.3 percent from November," FAO added.

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