UN / FOOD PRICE INDEX

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02-Dec-2022 00:02:51
The measure of changes in world food commodity prices remained largely steady in November, with declining international prices of cereals, meat and dairy products offsetting increasing quotations for vegetable oils and sugar, the Food and Agriculture Organization of the United Nations (FAO) reported Friday. UNIFEED

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STORY: UN / FOOD PRICE INDEX
TRT: 2:51
SOURCE: UNIFEED
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LANGUAGE: ENGLISH / NATS

DATELINE: 02 DECEMBER 2022, NEW YORK CITY / RECENT

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RECENT – NEW YORK CITY

1.Wide shot, United Nations exterior

02 DECEMBER 2022, NEW YORK CITY

2.Wide shot, press briefing room
3.SOUNDBITE (English) Máximo Torero, Chief Economist of the Food and Agriculture Organization of the United Nations (FAO):
“The FAO Food Price Index for the month of November remain mutually unchanged in November for the second consecutive month, as month after month decrease in the price for cereals, dairy and meat are nearly offset by increase in vegetable oils and sugar indices. The index has fallen 15.1 percent from the peak it reached in March this year, whereas the index is only marginally above 0.3 percent its value one year ago in November 2021, which means that we are essentially at pre-war levels.
4.Wide shot, press briefing room
5.SOUNDBITE (English) Máximo Torero, Chief Economist of the Food and Agriculture Organization of the United Nations (FAO):
“One of the key drivers of the food price declines in November on the cereal price index it declined by 1.3 percent month to month but remain 6.3 percent above its value a year ago. The world wheat price decline in November reflecting the impact of the extension of the Black Sea grain initiative. So due to import demand for supplies from the United States of America. And increased shipments from Russian Federation.
6.Wide shot, press briefing room
7.SOUNDBITE (English) Máximo Torero, Chief Economist of the Food and Agriculture Organization of the United Nations (FAO):
“On the contrast, the international rice prices increase, this is something that FAO has been alerting and is influenced by currency appreciations against the United States dollars for some Asian suppliers and good by an interest but also because of the increase in the price of fertilizers and inputs. Which has decreased the area planted for next year.”
8.Wide shot, press briefing room
9.SOUNDBITE (English) Máximo Torero, Chief Economist of the Food and Agriculture Organization of the United Nations (FAO):
“And international meat price decline for the fifth consecutive month, principally due to a sharp fall in the baleen meat of setting the increase in organic prices. The vegetable oil prices are mentioned increase after declined for seven consecutive months. An increase was driven primarily by the hype on oil prices, underpinned by renewed global import demand and concerns over lower production potentials In parts of South Asia, due to excessive rainfalls. By contrast international grapeseed and sunflower oil prices dropping IN November, weighted by respectively expected ample global supplies and extension of the Black Sea grain initiative.”
10.Wide shot, press briefing room
11.SOUNDBITE (English) Máximo Torero, Chief Economist of the Food and Agriculture Organization of the United Nations (FAO):
“The Black Sea grain initiative has contributed to improving global food supplies and lowering the global prices.”

“As a result of the high prices the global food impairment is predicted to reach a record high level of 2 trillion US dollars. The increase in the cost of food imports is putting a lot of fiscal pressure on government budgets and causing balance of payment problems. And high food prices and the overall cost of living crisis have serious implications on food security and nutrition, particularly for the vulnerable countries and populations who spend a large share of income on food.”
11. Wide shot, press briefing room

STORYLINE:

The measure of changes in world food commodity prices remained largely steady in November, with declining international prices of cereals, meat and dairy products offsetting increasing quotations for vegetable oils and sugar, the Food and Agriculture Organization of the United Nations (FAO) reported Friday (02 Dec).

The FAO Food Price Index, which tracks monthly changes in the international prices of a basket of commonly-traded food commodities, averaged 135.7 points during the month of November, a fraction below its level in October. The Index is now only 0.3 percent higher than its level in November 2021.

The FAO Cereal Price Index declined by 1.3 percent from the previous month, but it was still up 6.3 percent from its value a year ago. World wheat and maize prices declined in November by 2.8 percent and 1.7 percent, respectively, partly influenced by the extension of the Black Sea Grain Initiative. By contrast, international rice prices moved up by 2.3 percent.

The FAO Vegetable Oil Price Index increased by 2.3 percent in November, ending seven consecutive months of decline. International palm and soy oil prices rose, while those of rapeseed and sunflower oils dropped.

The FAO Dairy Price Index decreased by 1.2 percent since October, with world quotations for butter, skim and whole milk powders falling, amid lower import demand, while those for cheese increased, in part due to less buoyant export availabilities from leading producing countries in Western Europe.

The FAO Meat Price Index was 0.9 percent lower in November than the previous month, as international bovine meat prices fell, as increased export supplies from Australia added to already-high supplies from Brazil, notwithstanding China’s continuing strong import demand. By contrast, world prices of all other meat types rebounded, led by higher quotations for ovine meat.

The FAO Sugar Price Index rose 5.2 percent in November, influenced by strong buying amid tight global sugar supplies due to harvest delays in key producing countries and the announcement by India of a lower sugar export quota. Higher ethanol prices in Brazil also exerted upward pressure on world sugar prices.
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