World Food Price rise for the third month running in August led by coarse grains, Vegetable oil, and sugar, the UN food security Stated on Thursday.
The food and agriculture organization’s food price index, which measures monthly changes for a basket of cereals, oil seeds, dairy products, meat, and sugar, averaged 96.1 points last month versus 94.3 in July.
Rome based FAO also stated that worldwide cereals harvest remained on course to hit an annual record in 2020.
The agency’s index price rose 1.9% in August from the previous month and 7% above its value the previous year.
Among the major cereals includes sorghum, barley, and rice, prices rose the most. Maize also rose strongly pushed up by concern over US production prospects following recent crop damage in Iowa.
The vegetable oil price index rose by 5.9% every month, returning to around the levels registered when the coronavirus crisis hit the world at the starting of the year.
The minister expressed the government’s willingness to intrude on India’s experience and work with the FAO on controlling the migratory pest.
The FAO meat price index was almost unchanged since July, although it was down 8.9% from August 2019 as the lower import demand for bovine, poultry, and ovine meats were offset by surging import demand pigmeat from China.