World Food Price Index Marks Seventh Month of Increases
The monthly World Food Price Index increased in December for the seventh consecutive month. Recorded by the Food and Agriculture Organization of the United Nations, the index averaged 107.5 points in December 2020, up 2.3 points from November.
Except for sugar, all sub-indices registered modest gains in December, with the sub-index of vegetable oil rising the most. Wheat export prices rose further in December, reflecting a tightening of supplies among major exporters, concerns over growing conditions, and expectations of lower than anticipated wheat shipments from Russia.
Sorghum prices rose sharply in December as sales from the United States, mostly to China, remained robust. Corn export prices moved higher, sustained by continued concerns over crop prospects in South America. International rice prices also rose in December, underpinned by tight Thai and Vietnamese availabilities and heightened buyer interest for Indian and Pakistani supplies.
For 2020, the index averaged a three-year high of 97.9 points, 2.9 points higher than in 2019.
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