The global food price increases in 2017, averaged 174.6 points, up 8.2% from 2016 representing the highest annual average since 2014 according to the Food and Agricultural Organisation (FAO) yesterday 11 January 2018. In the local markets, food prices rose dramatically following the rains. The toll road contributed to the rise in prices of produce from Guinea and the provinces.
“Although still 24% below the 2011 high of almost 230 points. FAO Food Price Index fell 3.3% in December but still averaged 8.2% higher in 2017 compared to 2016” the UN body said in a statement.
The FAO Food Price Index (FFPI) is a measure of the monthly change in international prices of a basket of food commodities.
Global food prices declined in December, led by sharp decreases for vegetable oils and dairy products, according to the latest index issued yesterday.
The index, a measure of the monthly change in international prices of a basket of food commodities, stood at 169.8 points in December 2017, down 3.3% from November.
The vegetable oil declined by 5.6% from November, as palm oil prices tumbled amid swelling stocks in Malaysia and Indonesia. Five gallons of palm oil in Sierra Leone is now Le170,000. A year ago, the same palm oil cost Le120,000. Over 2017, the sub-index ran 3% higher than the prior year, respectively
The sugar price was lower, marking a 4.1% drop from November due to seasonal factors and expectations of a large surplus in the year ahead. “Sugar prices were 11.2% lower, on average, in 2017 than in 2016, due largely to a bumper harvest in Brazil, the world’s leading producer,” FAO said.
The meat index also slipped slightly in December, with strong supply pressuring international prices for bovine meat down. Last year, the price of beef and bone was Le13,000 per pound and Le15,000 per pound for steak. Currently, beef and bone costs Le18,000 per pound and steak is Le22,000 per pound.
In December global food prices dropped 3.3% compared to November due to the steepest declines registered in the prices of dairy, vegetable oils and sugar while those of cereals and meat also fell but only slightly. ZIJ/11/1/18
By Zainab Iyamide Joaque
Friday January 12, 2018.