Global Food Prices Jump 11th Consecutive Month in April

Image

By Adedapo Adesanya

The prices of food commodity globally rose for the 11th consecutive month in April 2021, led by sugar, oil, and meat, the Food and Agriculture Organisation of the United Nations (FAO) has said.

The FAO said this in its Food Price Index report released on Thursday. The index tracks international prices of most commonly traded food commodities.

The FAO Food Price Index averaged 120.9 points in April, 1.7 per cent higher than March 2021 and 30.8 per cent higher than the same period of last year.

“The increase marked the 11th conservative monthly rise in the value of the FAO Food Price Index to its highest level since May 2014.

“And in nominal terms is 12 per cent below its all-time peak in February 2011,” it said.

The FAO Sugar Price Index increased 39 per cent from March and reached levels nearly 60 per cent above those registered in the corresponding month last year.

“The April rebound in international sugar price quotations was prompted by strong buying amid heightened concerns over tighter global supplies in 2020/21, due to the slow harvest progress in Brazil and frost damage in France.

“Further support was provided by the strengthening of the Brazilian Real against the US Dollar, which tends to affect shipments from Brazil, the world’s largest sugar exporter.

According to the report, the FAO Vegetable Oil Price Index averaged 162.0 points in April, up 1.8 per cent month-on-month, driven by rising soy, rapeseed and palm oil quotations more than offsetting lower sunflower oil values.

“International palm oil prices continued to rise in April on concerns over slower-than-expected production growth in major exporting countries.

“Soy and rapeseed oil values climbed further too, underpinned by respectively, firm global demand, including from biodiesel producers and protracted global supply tightness.

“By contrast, international prices of sunflower oil contracted moderately on-demand rationing,” it said.

In the report, the FAO Meat Price Index averaged 101.8 points in April, up 1.7 per cent from the slightly revised value for March, marking a seventh consecutive monthly increase and raising the index by 5.1 per cent above the corresponding month last year.

“In April, bovine and ovine meat quotations rose, underpinned by solid demand from East Asia, amidst tight supplies from Oceania due to ongoing herd rebuilding and low inventories.

“Elevated internal sales in some producing regions also supported bovine and ovine meat prices.

“Pig meat quotations firmed on continued high purchases by East Asia, despite increased overall shipments from the European Union, while Germany continued with no access to the Chinese market over African swine fever concerns.

“Meanwhile, poultry meat prices remained steady, reflecting generally balanced global markets,” the report said.

The report said the FAO Cereal Price Index averaged 125.1 points in April, up 1.2 per cent from March, resuming its climb after a short-lived one-month respite in March, and stood 26 per cent above its April 2020 level.

“Maize prices rose 5.7 per cent in April.

“With overall tightening maize supplies, on top of continued strong demand, maize prices stood 66.7 per cent above their values one year earlier and remain at their highest level since mid-2013.

“Among other coarse grains, international barley and sorghum prices continued to soften, falling 1.2 and 1.0 per cent in April but remained 26.8 and 86.5 per cent above their respective values in the corresponding month last year,” it said.

International wheat prices were generally steady in April, remaining over 17 per cent above their April 2020 values.

“By contrast, international rice prices decreased again in April, mainly reflecting currency movements and slow trading activities, with persistent logistical constraints and freight costs continuing to hinder fresh deals,” it said.

The report said the FAO Dairy Price Index averaged 118.9 points in April, up 1.2 per cent from March, rising for the eleventh consecutive month and lifting the index 24.1 per cent above its value a year ago.

“In April, butter quotations rose, underpinned by solid import demand from Asia, notwithstanding weaker internal demand in Europe.

“Skim milk powder prices increased due to high import demand from East Asia, induced partly by concerns over potential shipping delays amid limited spot supplies from Europe and Oceania.

“Cheese prices also increased due to high demand from Asia, amid lower-than-expected production in Europe and seasonally declining supplies from Oceania.

“By contrast, quotations for whole milk powder declined slightly, reflecting lower import demand for the available supplies, following significantly high volumes traded recently,” it said.

Share
Related Stories
Image
28-February-2024

Naira Loses N33 to Trade at N1,615/$1 at Official Market

By Dipo Olowookere It was a bad day for the Naira in the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Tuesday as its value weakened by N33.00 or 2.09 per cent against the United States Dollar to sell at N1,615.94/$1 compared with the previous day’s N1,582.94/$1. This came on a day the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, reemphasised that the Nigerian currency was grossly undervalued. While briefing newsmen yesterday on the outcome of the Monetary Policy Committee (MPC) meeting, Mr Cardoso stressed that the current rate was not the true value

Image
26-February-2024

Pension Funds no Longer Diverted to Private Pockets—PenCom DG

By Aduragbemi Omiyale The Director-General of the National Pension Commission (PenCom), Ms Aisha Dahir-Umar, has assured workers and pensioners in the country that their funds are in safe hands, noting that they are not being diverted like in the past. Ms Dahir-Umar, while speaking recently at the 2024 congress of the Finance Correspondents Association of Nigeria (FICAN) in Abuja, stated that the N18 trillion pension assets are being invested mainly in low-risk assets. The DG, who was represented at the event by the agency’s Head of Corporate Communication, Mr Ibrahim Buwai, emphasised that returns from such investments are automatically distributed

Image
27-February-2024

Naira Strengthens on US Dollar Across FX Market Segments

By Adedapo Adesanya The Naira appreciated against the US Dollar in the different segments of the foreign exchange (FX) market on Monday, February 26 as respite came to the market after fresh supply eased the mounting pressure on the local currency. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency appreciated against the greenback by 4.9 per cent or N8.66 to close at N1,582.94/$1 versus the N1,665.50/$1 recorded last Friday. The Naira then maintained stability against the Pound Sterling and the Euro in the spot market during the session to remain unchanged at N1,880.81/£1 and N1,609.89/€1, respectively. The

Image
27-February-2024

EXPLAINER: How CBN’s 22.75% Interest Rate Hike May Affect You

By Dipo Olowookere Today, the Central Bank of Nigeria (CBN), through its Monetary Policy Committee (MPC) raised the benchmark interest rate, the Monetary Policy Rate (MPR), by 4.00 per cent or 400 basis points to 22.75 per cent from 18.75 per cent. This rate hike was inevitable, though the margin of increase was not expected. I know you are asking how this affects you. Hey, listen carefully, you should be bothered and I will explain why. Now, the MPR is called the benchmark interest rate because it is what commercial banks use to determine the interest rate they give loans

More Stories
Image
02-November-2016

333 Pensioners In Lagos Share N1.5b In October

By Modupe Gbadeyanka No fewer than 333 retirees from the Mainstream Civil Service, Local Governments, State Universal Basic Education Board (SUBEB), Teachers Establishment and Pensions Office (TEPO) and other agencies of government in Lagos have been paid the sum of N1.5 billion for October 2016, the state government has disclosed. The said amount was reportedly paid by the Lagos State Pension Commission (LASPEC) to the beneficiaries. Director-General of LASPEC, Mrs Folashade Onanuga, disclosed that since monthly payment of accrued pension rights started in August 2015, the administration of Governor Akinwunmi Ambode has paid a total of N20.98 billion to 4,799

Image
09-January-2024

cNGN Launch Suffers Setback, Postponed Until Further Notice

By Adedapo Adesanya The launch of the Nigerian official stablecoin, cNGN, initially slated for February 27, 2024, has been postponed as it awaits regulatory approval. The Africa Stablecoin Consortium, as the body behind the project is known, announced the development in a statement released on Monday evening. The consortium, consisting of Pan-African banks, fintechs, and blockchain businesses, clarified the confusion surrounding the earlier media reports about the launch date scheduled for late next month. It acknowledged the need for regulatory compliance and stated, “We are currently engaging with regulatory bodies, including the Central Bank of Nigeria, to participate in its

Image
15-August-2017

Lecturers Shut Down Universities Nationwide

By Dipo Olowookere Members of the Academic Staff Union of Universities (ASUU) yesterday embarked on an indefinite industrial action to press home their demands. The outstanding issues with the Federal Government, according to ASUU, include payment of fractions/non-payment of salaries; non-payment of earned academic allowances, non-release of operational license of NUPEMCO; non-implementation of the provisions of the 2014 pension reform act with respect to retired professors and their salaries, removal of universities staff schools from funding by government and funds for the revitalisation of public universities. The lecturers said they were not happy with the way Federal Government has neglected

Image
26-June-2023

Court Sends Skit Maker Trinity Guy to Prison

By Modupe Gbadeyanka A popular Ibadan-based skit maker, Abdullahi Maruff Adisa, otherwise known as Trinity Guy, has been sent to prison after he was arraigned on Monday by the Oyo State Command of the Nigeria Police Force (NPF). The jester was accused of sexualising a minor in one of his skits posted on the internet, which attracted condemnations from various persons. He was invited by the police last week over the issue after the spokesman of the police, Mr Olumuyiwa Adejobi, expressed disgust over his skits. Over the weekend, he appeared before the police in Oyo State and was charged

Image
19-October-2022

Bumpa Raises $4m to Boost Retail Automation

By Adedapo Adesanya Bumpa has raised $4 million in seed funding to build the future of commerce for African sellers and boost retail automation with payments, socials, logistics, credit, and analytics that will spur the growth of small businesses. The round was led by Base10 Partners, the largest black-led fund in the world, with participation from Plug & Play Ventures (through their commerce fund) and SHL Capital (Sahil Lavingia, CEO of Gumroad). Others included Magic Fund, Jedar Capital, DFS Labs, FirstCheck Africa Angel Program, E62 Ventures, Club14, and Fast Forward Ventures. With over 42 million small and medium enterprises (SMEs)

Image
20-December-2020

FRSC Promotes 2,880 Officers, Marshals

By Adedapo Adesanya The Federal Road Safety Corps (FRSC) has announced the promotion of 2,880 officers and marshals across the federation. The Corps Public Education Officer Assistant Corps Marshal, Mr Bisi Kazeem, made the announcement in a statement issued on Sunday in Abuja. He said that the FRSC approved the promotions following the consideration of a report by its establishment committee. Mr Kazeem said 435 officers were promoted to their next ranks, 769 Marshal Inspectors and 1,676 Road Marshal Assistants were equally elevated to the next ranks. According to him, out of the 435 officers, 33 of them were promoted

Image
28-September-2019

Naira Appreciates at I&E as Dollar Demand Eases

By Adedapo Adesanya  The last trading day of week at the foreign exchange (FX) market on Friday, September 27, 2019 closed with the Naira appreciating against the US Dollar at the Investors and Exporters (I&E) segment of the market. According to data gathered from the FMDQ, the local currency closed at N362.02/$1 against the American Dollar at the investors window compared with the N362.58/$1 it traded in the previous trading day. This indicated that the Naira appreciated by 56 Kobo or 0.15 percent against the global currency of trade at the I&E FX window yesterday. Business Post reports that the

Image
13-November-2019

PenCom Stops Death Benefits Accounts for Deceased Workers

By Adedapo Adesanya The National Pensions Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the registration of Death Benefits Accounts (DBAs) for deceased employees under the Contributory Pension Scheme (CPS). This is in line with its efforts to get more people still part of the working population to plan for retirement. According to a public notice released by the commission, the practice of opening such accounts was in conflict with the Pension Reform Act, 2014 (PRA, 2014). Section 11(1) of the Pension Reform Act (PRA) 2014 mandates every eligible employee to maintain a Retirement Savings Account (RSA) with

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect