WORLD: 5% INCREASE IN FOOD PRICES IN SEPTEMBER 2020

WORLD: 5% INCREASE IN FOOD PRICES IN SEPTEMBER 2020

The FAO index, which tracks the international prices of the most commonly traded food products, averaged 97.9 points in September 2020 compared to 93.3 points in September 019, an increase of +4.93%, the largest since the beginning of 2020.

The FAO index, which tracks the international prices of the most commonly traded food products, averaged 97.9 points in September 2020 compared to 93.3 points in September 019, an increase of +4.93%, the largest since the beginning of 2020.

World food prices recorded their fourth consecutive monthly increase, due in particular to the strengthening of vegetable oil and cereal prices which led to the latest increase in the index.

International maize prices have also increased significantly, reflecting a downward revision in the production outlook, particularly in the European Union, and the significant decline in availability expected in the United States.

For vegetable oils, their prices rose sharply by +24.67% in September 2020, mainly due to higher prices for palm oil, sunflower and soybeans. This increase is due to robust global import demand, lower than expected stock levels in Malaysia and uncertainties about the pace of production in Asia in the coming months.