FAO price index for vegetable oil reached a one and a half year high

The price index for vegetable oil, calculated by the Food and Agriculture Organization of the United Nations (FAO), has increased by 2.4 percent since June, reaching a one-and-a-half-year high.

This was reported by the Food and Agriculture Organization of the United Nations (FAO).

This growth was driven by strong demand for soybean oil from the biofuel sector and deteriorating prospects for sunflower and rapeseed oil in several major producing countries.

The FAO also noted that global prices for palm, soybean, sunflower and rapeseed oils have increased significantly. At the same time, the overall benchmark for global food prices remained largely unchanged in July for the second month in a row. Growth in international quotations for vegetable oils, meat products, and sugar offset the steady decline in grain prices.

The FAO Food Price Index, which tracks monthly changes in international food prices, averaged 120.8 points in July, slightly below its revised figure of 121.0 for June. The index is now 3.1 percent below the corresponding value a year earlier.

Tags: prices, edible oils, FAO