1012. Global Food Price Trends for April 2024　　

The Food and Agriculture Organization of the United Nations (FAO) released its global food price trends on May 3. The average value in April 2024 was 119.1 points, up 0.3 points (0.3%) from the previous month, reflecting an increase in meat prices and a slight increase in the price indicators of vegetable oil and cereals. It was an increase that reversed a seven-month downward trend following April, but it was only 9.6 points (7.4%) lower than the previous year.

The grain price index rose 0.3% month-on-month to 111.2 points in April, but 18.3% lower year-on-year. World wheat prices had been declining for three consecutive months, but there was a move to stabilize prices in April. In response to concerns about poor harvest forecasts in parts of the EU, Russia and the US faced competition from major exporters, which dampened upward pressure on prices. In contrast, maize export prices rose in April against the backdrop of infrastructure destruction in Ukraine and expectations of production cuts before the Brazilian harvest season.

The meat price index increased by 1.6% compared to March, showing a slight upward trend for the third consecutive month. In April, international poultry prices rose on purchases from the Middle East, which is facing production problems to contain the outbreak of avian influenza. Beef and lamb prices also increased slightly. In contrast, the Global Pork Price Index declined slightly due to sluggish demand growth in western Europe and China.

Vegetable oil price indicators fell 4.4% month-on-month and 14.7% lower than April 2023. This is due to improved production prospects in India and Thailand. In addition, in Brazil, where drought has been a concern for a long time, there was ample rainfall at the end of March and the beginning of April, which eased concerns about the supply outlook. The depreciation of the Brazilian currency against the US dollar also contributed to the price decline. On the other hand, higher international crude oil prices and Brazilian ethanol prices supported the decline in global sugar prices.

Contributor: IIYAMA Miyuki (Information Program)