Food prices in the world grow since May 2020

Food prices have shown an upward trend since May 2020, according to the World Trade Organization (WTO).

The FAO Food Price Index decreased between January and May 2020, possibly for reasons related to the onset of the pandemic.

However, since May 2020 it has followed an upward trajectory.

In February 2021, the FAO Food Price Index registered an average value of 116 points, which made it the ninth consecutive month of increases and is the highest level recorded since July 2014.

In 2020 as a whole, the annual food price index reached its highest level in the last three years, standing at 98 points, 3.2% more than in 2019, but still well below the maximum close to 132 points registered in 2011.

Among the sub-indices that make up the food price index, the sugar and vegetable oil price indices declined rapidly in early 2020 and recovered strongly in the second half of the year.

Food prices

By comparison, fluctuations in the price sub-indices for cereals, dairy products and meat were less pronounced in the first half of 2020.

For 2020 as a whole, the FAO Cereal Price Index rose 6.5% from the 2019 average, reaching the highest annual average since 2014.

For its part, the FAO vegetable oil price index advanced 19.3% compared to 2019 and reached the highest level in three years.

Both the FAO Dairy Price Index and the FAO Meat Price Index decreased compared to 2019 (1.0% and 4.5%, respectively).

The FAO Sugar Price Index rose 1.1% compared to 2019, an increase due to the decrease in supply in the world sugar market in 2020.