Presenting the Index at a press conference at FAO headquarters in Rome, director-general José Graziano da Silva, said: “This is reassuring. Although we should remain vigilant, current prices do not justify talk of a world food crisis. But the international community can and should move to calm markets further.”
The FAO Food Price Index spiked 6% in July after three months of decline. The new Index showed international prices of cereals and oils and fats changed little in August but sugar prices fell sharply, compensating for rising meat and dairy prices.
Although still high, the FAO Index currently stands 25 points below its peak of 238 points in February 2011 and 18 points below its August 2011 level.
The FAO Cereal Price Index averaged 260 points in August, the same as in July, with some increases in wheat and rice offsetting a slight weakening in maize.
Deteriorating crop prospects for maize in the US and wheat in the Russian Federation initially underpinned export quotations, but prices eased towards the end of the month following heavy rains in areas hardest hit by drought in the US and the announcement that the Russian Federation would not impose export restrictions. Renewed import demand sustained international rice quotations.
Source: FAO
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