Global Food Prices Edging Higher
Global food prices trended higher in February, increasing half a percent compared to January. The Food and Agriculture Organization of the United Nations released its Food Price Index Monday. While the index shows a slight month-to-month increase, it shows food prices have increased 17.2 percent since the same time last year.
Except for vegetable oils, the indices of all other commodities used in the calculation of the index increased in February. Cereal grain prices increased 2.5 percent from January 2017 levels, while meat prices were up 1.1 percent for the month and sugar prices increased 1.6 percent. The index shows global vegetable oil prices decreased 7.6 percent.
Finally, dairy prices were up slightly from January, but reached the highest level since August 2014. Global dairy prices are now 37 percent higher than the same time last year.
Source; NAFB Foods