Global food price up for 9th consecutive month: UN body

By Yunus Girgin

ANKARA (AA) - Global food prices rose 26.5% year-on-year in February, the UN Food and Agriculture Organization (FAO) said on Thursday.

The food price index increased for the ninth consecutive month by 2.4% on a monthly basis, averaging 116.0 points last month, the FAO said.

The index was driven by jumps in sugar and vegetable oils price sub-indices, while dairy, cereal, and meat prices were also up.

This figure is a trade-weighted index that tracks the international market prices of five major food commodity groups.

The sugar price index in February was up 6.6% from the previous month as production declines in key producing countries together with strong import demand from Asia.

The FAO Vegetable Oil Price Index in February also posted a sharp 6.2% monthly rise, hitting its highest level since April 2012.

Dairy products climbed 1.7% month-on-month in February, led by international export quotations for butter, where firm imports by China met limited supplies from Western Europe, the FAO noted.

Last month, the cereal prices went up 1.2%, while the meat price index marked a 0.6% increase due to tight supplies of bovine and ovine meats in key producing regions.