World food prices declined in August as vegetable oil rates dropped amid weakening global import demand and abundant offers from major exporters, although rice prices soared, the UN's Food and Agriculture Organisation has said.
The FAO Food Price Index, which tracks the monthly change in the international prices of a basket of food commodities, averaged 121.4 points in August, down 2.1 per cent from July and up to 24 per cent below its peak recorded in March 2022, the UN agency said on Friday.
By contrast, the FAO's rice index gained 9.8 per cent on a monthly basis to hit a 15-year nominal high. This was due to “trade disruptions in the aftermath of a ban on Indica white rice exports by India, the world’s largest rice exporter”, FAO said.
“Uncertainty about the ban’s duration and concerns over export restrictions caused supply-chain actors to hold-on to stocks, renegotiate contracts or stop making price offers, thereby limiting most trade to small volumes and previously concluded sales,” it said.
The overall index had risen to 123.9 in July, from a two-year low in May, as the price of vegetable oils increased.
“The drop [in August] reflected declines in the price indices for dairy products, vegetable oils, meat and cereals, while the sugar price index increased moderately,” the Rome-based FAO said.
The vegetable oil price index declined by 3.1 per cent, reversing a sharp 12.1 per cent gain in July, led by an 8 per cent drop in the prices of sunflower oil.
Quotations for soya oil dropped as soya bean crop conditions in the US improved, while those for palm oil fell moderately amid seasonally rising output in leading producers in South-East Asia.
Soaring food prices will weigh on the growth of Mena economies this year as double-digit food inflation hits poorer households and intensifies food insecurity in the long term, a World Bank report said in April.
About one in five people living in developing countries in the Mena region is expected to face food insecurity this year while almost eight million children under the age of five will be hungry, said the report, which examined the impact of rising food prices on the region.
Cereal prices in August dropped by 0.7 per cent from July as international wheat prices fell 3.8 per cent in August and international coarse grain prices declined 3.4 per cent.
Maize prices fell for the seventh straight month to hit their lowest value since September 2020, while sorghum prices declined as well. Barley prices firmed up slightly.
The dairy price index was down 4 per cent from July to register an eighth monthly decline in a row, and up to 22.4 per cent below levels posted in the same period in 2022.
International prices across all dairy products declined, with whole milk powder prices falling the most, while skimmed milk powder prices hit their lowest level since mid-2020. Butter and cheese prices also posted declines.
Meanwhile, the sugar price index gained 1.3 per cent month on month and by as much as 34.1 per cent from a year ago, mainly driven by growing concerns over the impact of the El Nino weather phenomenon on global production prospects.
The meat price index was down 3 per cent from July and 5.4 per cent from the same month last year, as the cost of all types of meat fell.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. Company%20profile
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
Zayed Sustainability Prize
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
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How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
