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World food prices dipped in Feb as virus hit demand: FAO

Planet foods rates slipped in February, ending four months of successive raises, with the unfold of coronavirus dampening desire for some products, the United Nations foods company reported on Thursday.

The Foods and Agriculture Group (FAO) foods price index, which measures month to month alterations for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged a hundred and eighty.five factors past month, down one. for every cent on January.

FAO also somewhat upped its forecast for cereal output, predicting a crop totalling some 2.719 billion tonnes in 2019, up from a past forecast of 2.715 billion and some 2.three for every cent greater than the 2018 crop.

The vegetable oil price index plunged ten.three for every cent from January, led by a slump in palm oil rates, when the cereal price index eased .nine for every cent, with the global rates of all big cereals, besides rice, declining.

FAO reported the unfold of the coronavirus contributed to the price drop in the two indices amid fears the outbreak would bring about a international slowdown.

Coronavirus also strike the meat price index, which dropped 2 for every cent on the month as imports declined to China, the epicentre of the outbreak, which has so much infected at the very least ninety five,300 folks globally and brought about a lot more than three,200 fatalities.

The dairy price index rose four.six for every cent, pushed greater by a rise for cheese, fuelled by tightening export materials from New Zealand and Australia.

Nevertheless, quotations for milk powder fell thanks to a slowdown in purchases by China, the world’s biggest importer, mainly because of delays in cargo managing in ports, influenced by the unfold of the coronavirus, FAO reported.