BAKU, Azerbaijan, January 9. The United Nations Food and Agriculture Organization's (FAO) Food Price Index (FFPI) averaged 127.5 points in November 2024, Trend reports.
So, the food price index has taken a little leap, rising by 0.5
percent since October and jumping by 5.7 percent compared to the
same time last year in 2023.
According to an official source weighing in on the matter, the
cream of the crop for price hikes during this stretch was seen in
vegetable oil and dairy products.
CEREAL CROPS (GRAINS)
The price index for cereal crops in November of last year averaged 111.4 points. This figure decreased by three points (2.7 percent) compared to October and by 9.6 points (8.0 percent) compared to the same period in 2023.
According to the data, the main factors behind the decline in the price index for cereal products were a drop in wheat prices due to the harvest season in the Southern Hemisphere and improved harvesting conditions in Northern Hemisphere exporting countries. At the same time, the decrease in prices for barley, sorghum, and rice also negatively affected the change in the price index.
VEGETABLE OILS
The price index for vegetable oils in November of last year averaged 164.1 points, which is 11.4 points (7.5 percent) higher than in October and 40.0 points (32.2 percent) higher than the same period in 2023.
The main reasons for the increase in the price index for vegetable oils are the rise in prices for palm oil, sunflower oil, canola oil, and soybean oil, which is linked to low seasonal production in major producing countries in Southeast Asia.
DAIRY PRODUCTS
The price index for dairy products in November 2024 averaged 139.9 points. According to the data, this is 0.9 points (0.6 percent) higher than in October of last year and 23.4 points (20.1 percent) higher than the same period in 2023.
The main reasons for the increase in the price index for dairy products are the rise in prices for whole dried milk due to a seasonal decline in production in Western Europe, as well as the increase in prices for cheese and butter driven by high demand.
MEAT PRODUCTS
The price index for meat in November 2024 averaged 118.1 points. This figure is 0.9 points (0.8 percent) higher than in October of last year and 6.6 points (5.9 percent) higher than the same period in 2023.
According to the information, the decrease in the price index for meat products is due to the drop in beef prices caused by currency fluctuations, the decline in poultry prices amid high exports, and the decrease in pork prices due to low demand.
SUGAR
The price index for sugar in November of last year averaged 126.4 points, which is 3.1 points (2.4 percent) lower than in October and 35 points (21.7 percent) lower than the same period in 2023.
The main reasons for the decrease in the price index for sugar products are the drop in sugar prices due to improved crop prospects in Brazil and the weakening of the Brazilian real against the US dollar.
Data from the State Statistics Committee shows that from January through November 2024, the volume of retail sales in Azerbaijan amounted to 53.87 billion manat ($31.68 billion), including goods such as food, beverages, and tobacco products worth 29.53 billion manat ($17.37 billion), as well as non-food goods worth 24.33 billion manat ($14.32 billion). Compared to the same period in 2023, the retail trade turnover in real terms increased by 3.8 percent, with food products, beverages, and tobacco sales rising by two percent and non-food goods by 6.1 percent.
