Context: The United Nations Food & Agriculture Organisation’s (UN-FAO) world price index falls in February for the 7th straight month.
Key findings of the index:
- Wheat prices went down due to stronger Russian exports.
- Vegetable oils also largely fell due to abundant harvests in South America.
- Sugar, however, rose 3.2 percent during the month because of dry weather in Brazil.
- The meat index rose 1.8 percent during the month as heavy rains disrupted cattle transportation in Australia and Chinese demand for pork grew amid tight supplies in Europe.
About World Food Price Index:
- Released by: UN Food and Agriculture Organisation (FAO)
- Aim: To measure monthly change in international prices of a basket of food commodities.
- Base year: 2014-16
- Measures: The index measures 5 commodity group price indices such as cereals, oilseeds, dairy products, meat and sugar.
About Food and Agriculture Organisation (FAO):
It is a specialised agency of the United Nations, to defeat hunger and improve nutrition and food security internationally.
Its objective is to attain food security for everyone, ensuring consistent access to sufficient high-quality food for maintaining active and healthy lifestyles.
The headquarters is located in Rome, Italy.
The FAO comprises 195 members, including 194 countries and the European Union.
Its sister bodies are World Food Programme (WFP) and International Fund for Agricultural Development (IFAD).
Reports released by FAO: State of the World's Forests (SOFO)State of World Fisheries and Aquaculture (SOFIA)State of Agricultural Commodity Markets (SOCO), State of Food Security and Nutrition in the World (SOFI)