Global Food Prices Edge Up 1.3% in July 2023

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Erlina Fury Santika 10/08/2023 16:46 WIB

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The FAO noted that the average global food price index reached 123.9 points in July 2023. This represents a slight increase of 1.5 points or 1.3% compared to June 2023.

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The Food and Agriculture Organization (FAO) recorded the global Food Price Index (FFPI) at 123.9 points in July 2023. This is a 1.5-point or 1.3% increase from June 2023, which stood at 122.4 points.

However, compared to July 2022 (140.6 points), the July 2023 figure is significantly lower, down 16.6 points or 11.8%.

Observing the trend over the past year, July 2022 recorded the highest index. Since then, the price index has generally declined, as shown in the graph.

The FAO explains that the rebound in July 2023 was driven by a solid increase in the vegetable oil price index, up 14 points or 12.1%. The average price of vegetable oil reached 129.8 points in July 2023.

Besides the increase in the vegetable oil price index, the FAO cites decreases in several other indices as a contributing factor.

"This was partly offset by significant declines in the sugar price index, along with slight decreases in the cereal, dairy, and meat price indices," the FAO stated on its official website.

The FAO Food Price Index measures monthly changes in international prices of a basket of food commodities.

The index is compiled from the average of five price indices for commodity groups that are staple foods: meat, dairy, cereals, vegetable oils, and sugar.

Furthermore, the index is weighted using the average export shares of each group during 2014-2016.

The components of the global food price index in July 2023 are as follows:

* Average meat price index: 117.8 points
* Average dairy price index: 116.3 points
* Average cereal price index: 125.9 points
* Average vegetable oil price index: 129.8 points
* Average sugar price index: 146.3 points

(See also: Global Food Prices Fall Over the Past 9 Months)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Food Prices Edge Up 1.3% in July 2023

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