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In May 2024, the FAO Food Price Index (FPI) reached 120.4 points, exceeding the April value by 1.1 points (0.9 percent). The increase in prices for cereals and dairy products more than offset the decline in prices for sugar and vegetable oils. At the same time, meat prices remained almost unchanged. Despite the third consecutive monthly increase in the FPI, it still remained 3.4 percent below the level of the previous year and 24.9 percent below the peak reached in March 2022.
The average value of the FAO Cereal Price Index in May was 118.7 points, which is 7.1 points (6.3 percent) higher than the April level, but still 10.6 points (8.2 percent) lower than the value in May 2023. Prices for cereals continued to rise, especially for wheat, due to unfavorable crop conditions in some major exporting countries. Corn also became more expensive due to production issues in Argentina, Brazil, and Ukraine. Barley and sorghum prices also increased.
The average value of the FAO Vegetable Oil Price Index in May was 127.8 points, which is 3.1 points (2.4 percent) lower than the April level, but still 7.7 percent higher than the previous year. The decrease is related to lower palm oil prices, while soybean, rapeseed, and sunflower oil prices increased.
The average value of the FAO Dairy Price Index in May was 126.0 points, which is 2.3 points (1.8 percent) higher than the April level and 4.3 points (3.5 percent) higher than the level in May of the previous year. All types of dairy products have increased in price as demand from the retail sector and food service sector surged ahead of the summer vacation season, while milk production decreased. Import demand also increased.
The average value of the FAO Meat Price Index in May was 116.6 points, which is slightly lower than the April level by 0.2 points (0.2 percent) and 1.5 points (1.3 percent) lower than the previous year. Prices for poultry and beef decreased, while prices for pork and lamb increased. The decline in poultry prices is associated with an increase in export supply and a decrease in domestic demand, while the decrease in beef prices is due to insufficient import demand and oversupply. Conversely, pork and lamb prices rose due to increased demand.
The average value of the FAO Sugar Price Index in May was 117.1 points, which is 9.5 points (7.5 percent) lower than the April value. The decline has continued for the third consecutive month, and sugar prices are 40.1 points (25.5 percent) lower than the May level of the previous year, at the lowest level since January 2023. The decline in sugar prices is attributed to an improved supply outlook in Brazil and falling oil prices.
*Some prices used to calculate the FAO Meat Price Index were not known at the time of calculating and publishing the FAO Food Price Index. Therefore, the final value of the FAO Meat Price Index may be revised, which could affect the FAO Food Price Index.
