Global Food Prices Rebound in May

A measure of global food prices increased in May, after a decline in April.  The UN’s Food and Agriculture Organization released its monthly Food Price Index Thursday.  The index averaged 172.6 points in May, up 2.2%, from April.

The Index consists of the average of five commodity group price indices, weighted with the average export shares of each of the groups for 2002 to 2004.  The rebound in the value of the Index followed three months of consecutive declines.  Except for sugar, all other commodity indices in the index increased last month.

The FAO Cereal Price Index averaged 148.1 points in May, up two points from April. The Vegetable Oil Price Index averaged 168.7 points in May, posting a monthly increase of 7.6 points, while the Dairy Price Index averaged 193 points in May, up 9.5 points. Meanwhile, the Meat Price Index averaged 171.7 points in May, up 2.5 points, and the Sugar Price Index averaged 227.9 points in May, down 5.4 points from April and marking a 13-month low.

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