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Following two months of stability, the FAO Food Price Index rose slightly in September 2012, up 1.4 per cent, or 3 points, from its level in August
The Index, based on the prices of a basket of internationally traded food commodities, climbed to 216 points in September from 213 points in August. The rise reflected strengthening dairy and meat prices and more contained increases for cereals. Prices of sugar and oils, on the other hand, fell.
The FAO Index currently stands 22 points below its peak of 238 points in February 2011, and 9 points below its level of 225 points in September 2011.
The FAO Cereal Price Index averaged 263 points in September, 1 per cent, or 3 points up from August, as gains in wheat and rice prices offset a decline in maize. While shrinking maize export availabilities and high maize prices have been leading cereal markets in recent months, tightening wheat supplies have also become a concern. Nonetheless, international wheat prices fell towards the second half of the month, following the announcement by the Russian Federation that it would not impose restrictions on exports.
The FAO Meat Price Index averaged 175 points in September, up 2.1 per cent, or 4 points, from August. The grain-intensive pig and poultry sectors recorded particularly strong gains, increasing by 6 per cent and 2 per cent respectively.
The FAO Dairy Price Index averaged 188 points in September, up 7 per cent, or 12 points, from August, representing the sharpest monthly increase since January 2011. All the five dairy products monitored saw prices rise. World demand for milk products remains firm which, combined with increasing feed costs, is underpinning world prices.