Food prices increases driven by cereals, dairy (Il Sole 24 Ore Radiocor) - Rome , 07 Jun - In May 2024, global food prices increased by 0.9% from April while they were down by 3.4% compared to the year earlier and were 24.9% below their March 2022 peak, according to the latest monthly food price index from the Food and Agricultural Organization of the United Nations (UN).

The overall increase in price levels came as higher prices of cereals and dairy products outweighed decreases in quotations for sugar and vegetable oils, the FAO said.

The FAO cereal price index rose by 6.3% versus April, driven by rising global wheat export prices, reflecting growing concerns about unfavourable crop conditions curbing yields for the 2024 harvests in major producing areas including parts of Northern America, Europe and the Black Sea region.

The dairy price index increased by 1.8% from April, amid increased demand from retail and food services sectors ahead of summer holidays as well as market expectations that milk production in Western Europe may fall below historical levels.

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(RADIOCOR) 07-06-24 12:21:56 (0296) 5 NNNN