FAO: Food Price Index rose by 1.4% in June

Food prices in the global market reported a slight growth in June, led by wheat and meat prices.

According to international food and agriculture organization FAO, the monthly market index, which monitors prices on the international market for five major groups of food products, averaged 175.2 points in June.

The data show that the Food Price Index rose by 1.4% in June compared with May, while the annual growth resulted in 7%.

The FAO cereal price index rose by 4.2 percent in June, due to rising prices of wheat with high protein levels, as a result of deteriorating conditions in the United States.

Corn prices, in turn, declined following the record harvest in South America.

According to FAO, meat and dairy products increased too, while vegetable oils and sugar dropped.

FAO revised in decline its June forecast for the world wheat production in 2017, increasing production of corn and rice.

Cereals production at the world level this year is likely to reach 2.5 billion tons, 0.6 percent less than in 2016.

The stock of cereals on the world level is expected to expand further to a new record of over 704 million tons.

SCAN

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