FAO-the index for food declined
2022.12.02 04:27
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FAO-the index for food declined
Budrigannews.com – The world price index published by the Food and Agriculture Organization of the United Nations (FAO) for the entire month in a row, fell to a record high level in November after Russia joined Ukraine.
In the report of the FAO Food and Agricultural Business Association, which tracks the majority of exchange products in the world, the average number of indicators was 135.7 cents for the month, and for October – 135.9 cents, the organization said on Friday.
Previous FAO estimates in October were accurate. According to FAO, the increase in sugar and vegetable oil prices offset the decline in prices for cereals, meat and dairy products in December.
Fears of a war affecting major trade operations on the Black Sea are eased by last month’s agreement, which extended Ukraine’s UN-backed grain exports by 120 days. According to the Organization, the FAO food production index is now only 0.3 higher a year ago, due to a slight decline in November.
FAO has reduced the forecast of global grain production in 2022 from 2,764 billion tons, which were estimated last week, to 2.56 billion tons, based on separate estimates of grain demand and supply. The FAO said that the forecast will be a three-year minimum and will be 2 less than the projected output in 2021.
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