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Food Price Index at lowest level in 21 months
Story Date: 7/6/2012
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Source: Michael Fielding, MEATINGPLACE, 7/5/12
The U.N.’s Food and Agriculture Organization (FAO) Food Price Index fell for the third consecutive month in June 2012, dropping to its lowest level since September 2010. The four-point drop in June brought the index to 201 points from a revised level of 205 points in May 2012.
The index, which measures the monthly change in average international prices of a basket of 55 food commodities, is now 15.4 percent below its peak in February 2011. The average prices of all commodity groups in the Index were below May levels.
Continued economic uncertainties and generally adequate food supply prospects kept the index down, but growing concerns over dry weather sent prices of some crops higher toward the end of the month.
Meat prices
Meanwhile, the FAO Meat Price Index averaged 174 points in June, down 1.3 percent from May. Prices of all the meat categories fell, because of a faltering global import demand and a weakening of currencies in some major exporting countries.
Despite their recent weakness, meat prices in the first six months still averaged 1 percent higher in 2012 than in 2011, sustained by lingering high beef quotations.
The Meat Price Index is calculated from the average prices of four species of meat: two poultry products, three beef products, three pork products and one lamb product.
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