The home-food index in April 2020 recorded ‘the biggest monthly increase since February 1974’ | Instant News


In the latest report from the US Bureau of Labor Statistics,The overall consumer price index – a measure of changes in average prices over time for goods and services purchased by US households – fell 0.8% in April, the biggest one-month decline since 2008.

However, the seasonally adjusted home food index – a proxy for inflation in the level of foodstuffs – rose 2.6%, driven by overall price increases, with significant egg price increases (+ 16.1%), meat (+3, 3)%), chicken (+ 5.8%) and cereal & bread products (+ 2.9%) when supply chain disruptions begin to impact retail prices.

The FAO sugar price index is at a 13-year low

At the same time, UN FAO Food Price Index, Which tracks international prices of the most commonly traded food commodities, down 3.4% in April, while the sugar price index reached a 13-year low as falling oil prices reduced demand for sugarcane to produce ethanol, shifting output to sugar production and expanding availability export.

The FAO Vegetable Oil Price Index, meanwhile, fell 5.2% in April, partly driven by a decline in demand for biofuels, a decline in demand from the food sector and palm oil production that was higher than expected in Malaysia and the destruction of soybeans in the US.

The FAO Cereal Price Index fell only slightly, as international prices of wheat and rice rose significantly while corn prices fell sharply.

Double digit decline in global butter and milk powder prices

While milk prices rose slightly at US grocery stores, meanwhile, the FAO Dairy Price Index fell 3.6%, with butter and milk powder prices falling double digits amid increased export availability, increased inventories, weak import demand, and decreased sales restaurant in the US. northern hemisphere, FAO said.

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