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FAO Food Price Index for January 2023
- FAO Food Price Index for January 2023
- Major Findings
- What caused the price drops in meat and sugar?
- What caused the price drop in vegetable oil?
- What was the report’s take on India?
- Report on other countries
- Frequently Asked Questions:
- What is the food price index?
- Who releases the food price index?
- How is FAO Food Price Index calculated?
- Is India a member of FAO?
FAO Food Price Index for January 2023
The Food Price Index provides information on “monthly” price variations in world food prices. The World Food Price Index was 131.2 in January 2023. When compared to the price of food in December 2022, this is 0.8% less. Sugar and meat had the biggest price drops. Vegetable oil costs decreased by 2.9%. Cereal costs were constant.
Major Findings
- Wheat prices fell for the third time. From December 2022 until now, they have been falling. This is because Australia, Russia, Argentina, and Brazil have all had good wheat harvests.
- Prices for cheese went up.
What caused the price drops in meat and sugar?
The sugar prices dropped as a result of Brazil’s favourable weather and Thailand’s good harvest. Concerns about sugar productivity were raised by factors like declining crop yields in India and rising gas prices in Brazil. But the former circumstances were more important than the latter.
What caused the price drop in vegetable oil?
Rapeseed oil and sunflower seeds production has increased.
What was the report’s take on India?
For India, “record planting” has been predicted by the report. That is, India will boost its plantings in the coming days. India is experiencing rising food costs.
Report on other countries
- Brazil: Record Plantings – Maize
- Pakistan: High planting projected
- South Africa: Maize yields
- Russia: May cut back in wheat production
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Frequently Asked Questions:
What is the food price index?
The FAO Food Price Index is a measure of the monthly change in international prices of a basket of food commodities.
Who releases the food price index?
The United Nations food agency, the Food and Agriculture Organization releases the World Food Price Index.
How is FAO Food Price Index calculated?
The FAO Food Price Index (FFPI) is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of five commodity group price indices weighted by the average export shares of each of the groups over 2014-2016.
Is India a member of FAO?
India has come a long way since 1945 when it became one of the founding members of FAO as a low-income food-deficient country. Today the country is not only self-sufficient in rice and wheat, it also exports a range of food products. Moreover, at any given time India has up to 60 million tons of food grain buffer stocks. In this journey of success, FAO has been a staunch partner since 1948, when FAO operations in India first began.
