World Food Situation

The FAO Food Price Index (FFPI) is a measure of the monthly change in international prices of a basket of food commodities. November marked a further increase in the value of the FAO Food Price Index.

November marked a further increase in the value of the FAO Food Price Index

The FAO Food Price Index (FFPI) averaged 134.4 points in November 2021, up 1.6 points (1.2 percent) from October and 28.8 points (27.3 percent) from November 2020. The latest increase marked the fourth consecutive monthly rise in the value of the FFPI, putting the index at its highest level since June 2011. Among the sub-indices, in November those for cereals and dairy rose most significantly, followed by sugar, while those for meat and vegetable oils were down, albeit slightly, from the previous month.

The FAO Meat Price Inde* averaged 109.8 points in November, down 1.0 point (0.9 percent) from October, falling for the fourth consecutive month, though still 16.5 points (17.6 percent) above its value in the corresponding month a year ago. In November, international quotations for pig meat fell for the fifth consecutive month, underpinned by reduced purchases by China, especially from the European Union. Ovine price quotations also fell steeply on increased exportable supplies, mainly from Australia. Meanwhile, international bovine meat prices remained stable, as decreased quotations for Brazil’s meat were offset by higher Australian export values, reflecting low cattle sales for slaughter amid high herd-rebuilding demand.

Poultry meat prices were also largely stable, as global supplies seemed adequate to meet demand, despite supply-side constraints, especially shipping container shortages and avian flu in Europe and Asia.

The FAO Dairy Price Index averaged 125.5 points in November, up 4.1 points (3.4 percent) from October and 20.2 points (19.1 percent) above its level in the same month last year. In November, international price quotations for butter and milk powders rose sharply for the third consecutive month.