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LMC Report: World Food Prices in Decline
UK - The world financial crisis of last autumn halted the commodity boom in the food sector and as a result prices have fallen sharply. Previous to this the world demand for food had been increasing, especially in Asia.
The world price for dairy products had already started to decline at the end of 2007 and it fell sharply in autumn 2008. The lower world grain harvest of 2007/08 contributed to the strong cereal price rise from autumn 2007, whereas the much larger 2008/09 crop exacerbated the fall in cereal prices in the second half of 2008. However, at least it has eased the pressure on intensive livestock producers’ production costs. The oils and fats market has declined equally sharply.
Meat prices were less affected by the world commodity boom, although they did move up in the first nine months of 2008 before edging back in the autumn as even meat is now being affected by some fall in world demand.
In November 2008 the world meat price was still six per cent higher than a year earlier. In contrast the world food price index was 15 per cent lower than in November 2007 reflecting the sharp fall in prices of other commodities.
Further Reading
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