Головна News World markets In January, the world’s average prices of oil rose the most while...

In January, the world’s average prices of oil rose the most while wheat dropped

According to information released this week by the Food and Agriculture Organization of the United Nations (FAO), the pendulum of world food prices swung up again in January, and the main reason for this was the reduction of oil supply.

The FAO Food Price Index averaged 135.7 points in January, up 1.1% from December, ProAgro Group reports.

Oil prices rose the most in the past month, rising 4.2 percent to a new record high because of higher crude oil prices. Sunflower oil prices also rose due to tightening supplies and strong import demand on international markets.

However, the average value of the Cereal Price Index rose only slightly in January and was only 0.1 percent higher than in December. Meanwhile, corn export prices jumped by 3.8 percent due to negative expectations due to dry weather conditions in South America, while wheat prices fell by 3.1 percent, helped by rich harvests in Australia and Argentina.

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