World Food Price Index
2023 SEP 13
Economic Development > Indian Economy and Issues > Reports and indices
Why in news?
- The United Nations Food and Agriculture Organization (FAO) reported that the world food price index fell to a new two-year low recently.
- This decline reversed a previous month’s rebound, with most food commodities experiencing decreases, although rice and sugar prices
About Food Price Index
- FPI, released by the Food and Agriculture Organization (FAO) is a measure of the monthly change in international prices of a basket of food commodities.
- It consists of the average of five commodity group price indices:
- Cereals, oilseeds, dairy products, meat and sugar
- These five categories of commodities are selected for calculating FFPI due to their high and strategic importance in global food security and trade.
- The index is calculated by averaging these five commodity group price indices, weighted by the average export shares of each group over the 2014-16 period
Food Price Index is released by:
(a) Food and Agriculture Organization
(b) UN World Food Programme
(c) International Fund for Agricultural Development
(d) World Bank