World meals value index eases in Dec, pushed decrease by sugar

ROME (Reuters) – The United Nations’ world meals value index dipped in December towards November ranges, led decrease by a drop in worldwide sugar quotations, however nonetheless confirmed a sturdy acquire year-on-year, information confirmed on Friday.

The index, compiled by the U.N. Meals and Agriculture Group (FAO) to trace essentially the most globally traded meals commodities, fell to 127.0 factors final month from a barely revised 127.6 in November.

The November determine was beforehand put at 127.5.

The December worth was up 6.7% from 12 months beforehand, but remained 20.7% under the all-time excessive reached in March 2022, FAO stated. 

For 2024 as an entire, the index averaged 122.0, 2.1% decrease than the 2023 worth, offsetting vital decreases in quotations for cereals and sugar with smaller will increase in costs for vegetable oils, dairy and meats.

Sugar costs led December’s month-to-month decline, dropping 5.1% month-on-month because of bettering sugarcane crop prospects in the principle producing nations to face 10.6% under its December 2023 stage.

Dairy costs declined after seven consecutive months of will increase, dropping 0.7% from November however nonetheless posting a 17.0% acquire year-on-year. Vegetable oil costs dropped 0.5% month-on-month, however had been up 33.5% on their year-earlier stage.

Meat costs rose 0.4% in December from November and stood 7.1% above their December 2023 worth.

The FAO cereal value index was little modified final month from November and was 9.3% under its year-earlier stage, as a barely uptick in maize quotations offset a drop in these for wheat, FAO stated.

FAO didn’t present a brand new forecast for world cereal manufacturing, with the subsequent estimate due subsequent month.