TheCable

The Food and Agriculture Organisation (FAO) says global food prices continued to rise for the second consecutive month in July which was led by vegetable oils and dairy products.

In a statement on Thursday, FAO said its price index, which tracks international prices of the most commonly traded food commodities, averaged 94.2 points in July against 93.1 points recorded in June.

“The FAO’s food price index averaged 94.2 points in July, a 1.2 percent increase from June and nearly 1.0 percent higher than July 2019,” the statement read.

The United Nations (UN) food agency disclosed that its vegetable oil price index increased 7.6 percent since June to reach a five-month high.

“The FAO dairy price index rose 3.5 percent in the month (July), with all products from butter and cheese to milk powders rising.”

The statement further disclosed that the FAO’s cereal price index was practically unchanged from June, although maize and sorghum prices registered sharp increase, while those of rice fell, reflecting prospects of large 2020 harvests. Wheat prices changed little amid slow trade activity.

“The FAO meat price index, in contrast (June), declined by 1.8 percent in July and averaged 9.2 percent below its level of July 2019,” it added.

Meanwhile, according to the UN food agency, sugar price index increased by 1.4 percent.