ROME, ITALY — The benchmark for world food commodity prices inched up 1% in April compared to March, as increases in cereal, dairy and meat price indices outweighed decreases in those of sugar and vegetable oils, the Food and Agriculture Organization (FAO) of the United Nations said.

In its May 2 report, the FAO said its Food Price Index averaged 128.3 points in April and was 9 points (7.6%) higher year on year while remaining 31.9 points (20%) below its March 2022 peak.

The Cereal Price Index averaged 111 points in April, up 1.3 points (1.2%) from March but still 0.6 points (0.5%) below its year-earlier level. The monthly increase reflected higher prices across all major cereals pressured by export supplies and US tariff policies.

Global wheat prices rose marginally, supported by tightening exportable supplies in the Russian Federation, steady export pace from some major shippers and currency movements linked to a weaker US dollar, particularly against the euro. However, trade policy developments and macroeconomic uncertainty limited the rise. 

International maize (corn) prices also increased, mainly due to seasonally tighter stock levels in the United States and currency movement. 

“Adjustments to the United States’ import tariff policies — including the exemption of Mexico, the leading importer of US maize, and a 90-day pause on import tariffs above 10% for several other trading partners — further contributed to the upward price pressure,” the FAO said.

Among other coarse grains, world prices of sorghum and barley also increased. Meanwhile, the FAO All Rice Price Index increased by 0.8% in April, as demand for fragrant varieties strengthened and the arrival of freshly harvested supplies diminished in Vietnam while the country’s main crop harvest entered its final stage.

The Vegetable Oil Price Index averaged 158 points in April, down 3.7 points (2.3%) from March but remaining 21% above its level a year ago. The decline mainly was driven by lower palm oil prices, which more than offset higher soy and rapeseed oil quotations, while global sunflower oil prices remained largely stable. 

“World soy and rapeseed oil prices continued to rise, broadly reflecting, respectively, persistently firm global import demand and tightening supplies as the 2024-25 season nears its end,” the FAO said. “International sunflower oil prices, meanwhile, fluctuated within a narrow range during April but remained well above their year-earlier levels, amid shrinking supplies out of the Black Sea region.”

The Meat Price Index averaged 121.6 points for April, up 3.7 points (3.2%) from the previous month and 5 points (4.3%) higher than a year earlier. International meat quotations rose across all categories, with pig meat prices registering the most significant increase.

International butter prices rose for the third consecutive month to a new all-time high, with a 2.9% increase from March, helping push the Dairy Price Index to 152.1 points in April, averaging 3.5 points (2.4%) up from March and as much as 28.4 points (23%) higher year on year.