World rice prices hit their highest level in 15 years in August, rising 9.8% from July after India imposed export restrictions, the FAO reported on Friday.
The Food and Agriculture Organization of the United Nations (FAO) states that prices of all types of rice have increased by 9.8% compared to July, the highest value in the past fifteen years. This reflects the trade disruptions caused by the ban on rice exports. White Indica rice from India, the world’s largest rice exporter.
Sugar prices also increased by 1.3% compared to July, while the average in August rose by 34.1% compared to a year ago.
World food prices as a whole have fallen slightly over the past month, due to the fall in the prices of grains, vegetable oils and dairy products, following the previous month’s rise following the end of the Black Sea Agreement.
The FAO’s food price index, which tracks monthly variations in the international prices of food products sold worldwide, averaged 121.4 points in August, down 2.1% from July and 24% down from July’s peak in March 2022.
In more detail, the price of vegetable oils fell 3.1% in August, partially reversing the strong 12.1% increase in July, while the FAO grain price index fell 0.7% compared to July following the increase from the previous month due to the end of the Black Sea Treaty.
Specifically, wheat prices fell 3.8% in August due to increased seasonal availability from several major exporters, while international prices for secondary grains fell 3.4% due to the abundant global supply of maize, due to a record crop in Brazil and imminent start of grain production. of the harvest in the United States.
The FAO Dairy Price Index fell 4.0% from July, driven by international prices for whole milk powder, which is abundant in Oceania, while meat prices fell 3.0%.
World grain production is expected to match the previous record, according to a new FAO report forecasting 2.815 billion tons, similar to the record set in 2021.
Source: DN
