NEW YORK: The index for international food prices remained stable in June as hikes in prices for sugar, vegetable oils, and dairy products offset a decrease in those for cereals, the UN Food and Agriculture Organization (FAO) said. The FAO food price index averaged 120.6 points in last month, unchanged from its revised number for May.
The cereal price index reduced 3% month-on-month in June, led by improved production prospects in main exporting nations.
The FAO Vegetable Oil Price Index, rose 3.1% on May, buoyed by reviving international import demand for palm oil and firm demand from the biofuel sector in the US for soy and sunflower oils.
The Sugar Price Index increased by 1.9% in the same period, shifting from three consecutive monthly drops. The index for dairy prices went up by 1.2% in June compared to Mat, with global quotations for butter reaching a 24-month high.
The FAO Meat Price Index was unchanged in June, as a supply led decrease in global poultry meat prices was about offset by slight increases in the prices of ovine.
