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Food prices edge higher pushed by sugar, palm oil

Xinhua, April 8, 2016 Adjust font size:

Rising prices for sugar and palm oil pushed the overall United Nations Food and Agriculture Organization (FAO) Food Price Index higher for February, the fifth time the index rose two years.

Sugar prices spiked 17.1 percent in March, and prices for oils and fats rose 6.3 percent, pushed almost exclusively by surging palm oil prices. Overall, the index rose just 1 percent, but combined with a 0.1-percent rise in February, it marked the first time the index rose for two consecutive months since late 2013.

Dairy prices fell 8.2 percent in March, while meat prices were virtually unchanged. Grains and cereals, the largest component in the index, were also flat compared to February, with rice prices unchanged and corn and wheat prices making only small moves.

Despite the mixed results among specific sectors, the overall index remained at a level previously seen in 2009.

The next installment of the FAO index, which is based on a basket of 55 goods and 73 price quotations in five major food commodity groups, will be released May 5. Endit