World food prices increased for an 11th consecutive month in April, hitting their highest level since May 2014, with sugar leading a rise in all the main indices, the United Nations food agency said on Thursday.
The Rome-based organization said in a statement that the new forecasts indicate growth in the production of both wheat and corn globally next season.
FAO’s cereal price index rose 1.2% in April month-on-month and 26% year-on-year. Worries about crop conditions in Argentina, Brazil and the United States pushed maize prices up 5.7% last month, while wheat prices held largely steady. By contrast, international rice prices slipped, FAO said.
FAO’s vegetable oil price index rose 1.8% on the month, pushed higher by rising soy, rapeseed and palm oil quotations, which offset lower sunflower oil values.
Dairy prices rose 1.2%, with butter, skim milk powder and cheese all lifted by good demand from Asia, while the meat index climbed 1.7%. FAO said both bovine and ovine meat quotations rose, supported by “solid demand” from East Asia.