UN report: Grain prices on world market increased in May

06-Jun-2022 - Italy

Grains became more expensive on the world market last month. Prices for wheat, for example, rose for the fourth month in a row and in May were 5.6 percent above the level of the previous month of April and 56.2 percent above the average price of May 2021, the Food and Agriculture Organization (FAO) of the United Nations (UN) said in Rome on Friday. Experts attributed the increase to an announced export freeze by India and Russia's war of aggression in Ukraine, where lower production volumes are expected due to the conflict.

Ralph Schwaegerl

The calculations are for international wholesale and do not represent the prices consumers pay at retail. FAO further estimates that less grain could be produced this year. This would be the first time in four years that production has fallen.

In contrast to cereals, FAO data show that price indices for vegetable oils, dairy products and sugar fell in May compared with April. Meat, on the other hand, became more expensive. The price index for meat reached a new all-time high. Statisticians attributed this development to increased poultry prices, driven by the Ukraine war and outbreaks of avian flu, coupled with increased demand in Europe and the Middle East./jon/DP/mis

Note: This article has been translated using a computer system without human intervention. LUMITOS offers these automatic translations to present a wider range of current news. Since this article has been translated with automatic translation, it is possible that it contains errors in vocabulary, syntax or grammar. The original article in German can be found here.

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