"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Wednesday, April 6, 2011

FAO Food Price Index

The FAO is the Food and Agriculture Organization of the United Nations.  Amongst other duties, they track the monthly change in international prices of a basket of food commodities.  The overall index is the average of five commodity group price indices, weighted with the average export shares of each of the groups.  The indices are backward looking, with each month's release having data for the previous month.
 
The FAO Food Price Index rose 2.2% in February.  The Cereal Price Index was up 3.7% in February (mostly on maize prices), the Dairy Price Index was up 4%, the Oils/Fats Price Index was up "marginally", the Meat Price Index was up 2% (mostly on pig and sheep meat), and the Sugar Price Index fell marginally (although prices remain volatile).
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