Let's Get That Pending Article Published To The World
For Adverts and Enquiries
Phone: 234 906 451 4605
Email: triplenetblogs@gmail.com


BREAKING NEWS:

  Construction work begins at the Agbara-Lusada-Ota road in Ogun State weeks after Triplenet reported stalled progress         Man sentenced to 3 yrs in correctional centre for drug trafficking         BREAKING. Sanusi II Reinstated As Kano Emir         CBN to appear before National Industrial Court over contempt         Edo suspends 3 lawmakers over impeachment plots         APRIL 21 -- BOOK AUTHORED BY SANDRA NNEKA UMEH         Edo 2024: Leadership Qualities of Asue Ighodalo         Motorists and road users kick as fuel scarcity returns to Lagos         Peter Obi is not engaged in religious politics – Spokesman         Edo 2024: INEC wants CSOs and PWDs to participate in election process      

World food prices decline for 12th consecutive month

World food prices declined for the 12th consecutive month in March, the United Nations Food and Agriculture Organisation (FAO) reported on Friday.

It said that it was the first time the index had fallen for a full year.

FAO’s broad Food Price Index slipped to 2.1 per cent in March, and it is now down to 20.5 per cent since reaching its all-time peak one year ago after a big surge following the Russia-Ukraine conflict.

Grains and cereals, the largest component in the index, was down to 5.6 per cent compared to the previous month and down by 18.6 per cent over the last 12 months.

Among the grains and cereals, wheat prices fell the most, dipping 7.1 per cent as exports from Ukraine via the Black Sea assuaged market fears.

Corn prices were 4.6 per cent lower due to strong production in South America, while rice prices were 3.2 per cent lower, due to data from harvest prospects in India, Vietnam, and Thailand.

Prices of vegetable oils were down by 3 per cent in March and a staggering 47.7 per cent compared to March 2022 figures.

Dairy prices, meanwhile, were down by 0.8 per cent, contributing to a decline of 10.7 per cent compared to a year earlier, and meat prices inched 0.8 higher in March but were still down by 5.3 per cent over the last 12 months.

FAO said that the softening demand and adaptations to global supply chains obstacles, such as increased competition between suppliers, were the main factors pushing prices lower over the last year.

The main exception to that trend was sugar prices, which rose by 1.5 per cent in March, reaching their highest level since October 2016.

In spite of the falling prices, FAO officials have repeatedly warned in recent months that fuel supply issues and other market uncertainties threaten many of the world’s poorest nations.

FAO’s Food Price Index is based on worldwide prices for 23 food commodity categories covering prices for 73 different products compared to a baseline year.

9323

©www.triplenet.com.ng/imetrowatch
All right Reserved