World food prices rose strongly in November, lifted by big jumps in prices of meat and vegetable oils, despite slightly lower cereals prices. That’s according to latest reports from United Nations food agency.
FAO food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar hit a 26-month high in November, averaging 177.2 points, up 2.7% on the previous month and up 9.5% year-on-year.
The cereal price index fell 1.2% to 162.4 points, with large export supplies and strong competition among world producers weighing on wheat prices.
Global rice production was seen at 515 million tonnes, up 1.6 million tonnes from the previous forecast.
The meat price index registered its largest month-on-moth increase since May 2009, rising 4.6 percent from October to 190.5 points, with beef and sheep meat rising most strongly, lifted by demand from China and year-end holiday demand.