Food prices fell by 2.8% on the Food and Agriculture Organisation of the United Nations (FAO) Food Price Index in March.
They dropped to an average of 171 points, although this figure is 13.4% higher than the same month in 2016.
The FAO Food Price Index is a trade-weighted index tracking international market prices of five major food commodity groups.
ADVERTISEMENT
FAO’s cereal index declined by 1.8% from February, led down by wheat and maize, and is now at the same level as March 2016. Worldwide cereal production for 2017 is projected to be 2,597m tonnes, which is just 9m tonnes below last year’s record level.
Dairy prices declined by 2.3%, but are still well above the levels of March last year. Cheaper grain leads to lower milk prices as most of the world’s milk is produced from grain.
Meat prices were up by 0.7%, with increased demand from Asia for beef and pigmeat.
Vegetable oil prices dropped by 6.2% on the index, with both palm and soy oil quotes lower because of higher production projections, while rape and sunflower seeds oils were down due to surplus stock availability.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Food prices fell by 2.8% on the Food and Agriculture Organisation of the United Nations (FAO) Food Price Index in March.
They dropped to an average of 171 points, although this figure is 13.4% higher than the same month in 2016.
The FAO Food Price Index is a trade-weighted index tracking international market prices of five major food commodity groups.
FAO’s cereal index declined by 1.8% from February, led down by wheat and maize, and is now at the same level as March 2016. Worldwide cereal production for 2017 is projected to be 2,597m tonnes, which is just 9m tonnes below last year’s record level.
Dairy prices declined by 2.3%, but are still well above the levels of March last year. Cheaper grain leads to lower milk prices as most of the world’s milk is produced from grain.
Meat prices were up by 0.7%, with increased demand from Asia for beef and pigmeat.
Vegetable oil prices dropped by 6.2% on the index, with both palm and soy oil quotes lower because of higher production projections, while rape and sunflower seeds oils were down due to surplus stock availability.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS