The Vegetable Oil Price Index fell 3.1% in August compared to July. This is stated in the FAO report on international food prices.
Variations in international food and vegetable oil prices: FAO index analysis
The FAO Food Price Index (FFPI) tracks changes in international prices for the most globally traded food commodities. The changes in international prices of the 10 most important vegetable oils in world trade are illustrated, weighted according to their shares in exports.
According to the September 8 report, the 4-point decline in the index – which averaged 125.8 points in August – reflected lower global prices in Palm oil, rapeseed, soy It's from Sunflower oil.
“International palm oil prices fell moderately in August. This was mainly due to moderate global import purchases, as well as seasonal increases in production in the main producing countries in Southeast Asia,” the FAO said.
“Sunflower oil prices fell by almost 8% from the previous month, amid weakening import demand that coincided with abundant supplies from major exporters. Soybean and rapeseed oil fell due to the improved harvest in the US and ample global supply.
The FFPI reached an average of 121.4 points in August. This means a drop of 2.6 points compared to the previous month, which placed the index 38.3% below the peak reached in March 2022.
The drop reflected declines in the prices of dairy, meat and cereal products. As well as vegetable oils, while the sugar price index increased moderately.
Source: Oils & Fats International
