March 6, 2021

Slight decline in food prices in June despite the increase in corn

Global prices of staple foods fell slightly last June as declines in dairy products and vegetable oils offset the sharp rise in corn.

The UN Food and Agriculture Organization (FAO) informed in a statement today that the general index that measures the evolution of the prices of these products stood at 173 points on average, 0.3% less than in May and very close to the level I had a year ago.

Dairy prices registered a monthly decline of 11.9%, the first in five months, due to weak international demand for cheese and butter.

Vegetable oils were down 1.6% in that period, weighed down by the weak demand for imports of palm oil and soybean, to which were added the expectations of a greater supply.

Among the increases, the price of cereals stood out, of 6.7% in June, due to the rise in corn prices due to the forecast that there is a shortage of supplies for export from the United States, which has also made wheat more expensive.

Sugar prices grew 4.2% compared to the previous month, mainly due to the appreciation of the Brazilian real against the dollar, according to the FAO.

Meanwhile, meat prices increased by 1.5% due to the strong demand for imports of sheep, pork and poultry meat from Asia with the aim of compensating for the deficit in domestic production that has caused the spread of the African swine fever in countries such as China or Vietnam.

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