The Global Food Price Index has increased two percent since this time last year. Released last week, the monthly record of global food prices by the Food and Agriculture Organization of the United Nations averaged 173.5 points, up 2.7 percent from April 2017. While the prices of most cereal grains and dairy products continued to increase in April, sugar prices fell further. Vegetable oil and meat markets also remained under pressure.
Cereal grain prices have increased 15.4 percent since April of last year, following an upward trend for the fourth consecutive month, with prices of wheat, coarse grains and rice all gaining momentum in recent months. Dairy prices were 3.4 percent higher than March, and up 11 percent over the past 12 months. Meanwhile, meat prices fell .9 percent for the month, roughly equal to its year-ago level. Finally, sugar prices were down 4.8 percent for the month, and down 24 percent from April 2017.