The world price index for basic foods calculated by the Food and Agriculture Organization of the United Nations (FAO) had its largest increase in 18 months in September, especially that of sugar, the organization reported this Friday.
(Read: New natural gas reserves in the Colombian Caribbean: future of hope and challenges)
In September, an average of 124.4 points was recorded, 3 percent more than in August and 2.1 percent more than its corresponding value a year earlier, FAO added in its monthly report.
(Read: Leo is crowned the best restaurant in Colombia at the World Culinary Awards 2024)
The biggest increase came in the price of sugar with a monthly rise of 10.4 percent, due to worsening crop prospects in Brazil and concerns that India’s decision to lift restrictions on the use of sugar cane for ethanol production could affect the country’s export availability.
The FAO Cereal Price Index rose 3 percent during the month, driven by rising export prices for wheat and maize.
(Read: What did Petro mean when he said that Ecopetrol must do ‘a kind of exorcism’)
International wheat prices rose largely due to concerns over excessively wet conditions in Canada and the European Union, although this was partially offset by competitively priced supplies from the Black Sea region.
World corn prices also rose, influenced by low water levels in the main transport routes along the Madeira River in Brazil and the Mississippi River in the United States and, in contrast, the FAO price index for all types of rice decreased by 0 .7 percent, partly due to generally quiet business activity.
The index for vegetable oils has increased 4.6% since August, whether palm oil, whose production fell more than expected in the large countries of Southeast Asia, soybean, sunflower or rapeseed oil.
FAO slightly raised its forecast for global cereal production in 2024 to 2,853 million tonnes, reflecting upward revisions to rice and wheat production that offset a small reduction made in global coarse grain production.
EFE
