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Commodities  |  September 06, 2010 18:23:00

Food prices in August rose by 5 pct, FAO

Rising wheat prices have caused the world's largest food price increase for the last eight months, said the report by the United Nations Food and Agriculture Organization (FAO). Food price index (FPI) in August jumped by 9 points to 176. Index was at its highest level since September 2008 but still 28% below its peak of June 2008. Reflected the sharp rise in cereal prices after the dramatic failure of the Black Sea producers as a result of the worst droughts in decades.

FAO FPI is a measure of monthly change in the basket of commodity prices, taking into account the 55 listings on a global scale and is closely watched analysts and investors as an indicator of global food prices.

Wheat prices soared in the early months to 2 - year highs after the world's third largest exporter Russia banned exports by the end of grain. FAO does not believe that prices could rise to extreme levels at the turn of 2007-2008. Global production is the third highest in history and well above the average of the last five years. However, decreased compared to June estimated that global cereal production by 41 million tons to 2.24 billion tons. Global wheat output will fall year on year by 5% to 646 miles tons, mainly due to lower production of the Russian Federation.

FAO estimate of wheat production declined in Russia by 10%, or if by 5 million tons to 43 million tons. Last year, Russia harvested 60 miles tons. At the same estimate of U.S. exports rose in the 2010-11 season ended in May about 10 miles to 33 million tons. According to FAO, the United States were to replace the loss of exports from Russia.

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