Food prices rise in June: FAO

By Dilara Zengin

ANKARA (AA) - Global food prices rose in June due to higher wheat and meat prices, the United Nations Food and Agriculture Organization (FAO) said on Thursday.

The food price index averaged 175.2 points in June, up 1.4 percent compared to May and 7 percent compared to the same period last year, according to the organization.

The FAO Food Price Index is a trade-weighted index that tracks international market prices of five major food commodity groups.

The cereal price index increased by 4.2 percent in the month compared to May, due to a price surge in high-protein wheat after its crop deteriorated in the U.S., the organization said.

Maize prices, by contrast, declined amid record harvests in South America, it added.

Price indices for meat and dairy products also saw an increase in June. They went up 1.8 percent and 8.3 percent month-on-month in June, respectively.

The vegetable oil price index fell 3.9 percent compared to May while the sugar price index decreased 13.4 percent in the same period.

Meanwhile, the FAO also revealed its 2017 forecast in the cereal market expecting a new record high of around 704 million tons in cereal stocks.