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Asia Pacific Food Situation Update - May-June 2011

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Bangladesh
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FAO
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Food prices will remain high into 2012

Although the FAO Global Food Price Index registered a slight decline during the month of May, the Organization forecast that food prices will remain high for the rest of this year and into 2012, according to the half-year Food Outlook report released in early June.

The index slipped to 232 points from 235 points the previous month, indicating a fall in average world food prices of about one percent (See Figure 1). The decline was attributed to lower prices for cereals and sugar that offset increases in prices for meat and dairy products.

Nonetheless, high and volatile agricultural and commodity prices will keep food prices at what were called “stubbornly high levels,’’ by David Hallam, Director of FAO’s Markets and Trade Division. With high prices inflicting more hardship on the poor, he added that they would pose a threat to low-income, food-deficit countries.

The report predicted a record global harvest for cereals – mainly wheat, rice and maize – this year at 2,315 million tonnes, a 3.5 percent increase over 2010. World cereals stocks, however, are expected to rise only 2 percent to 463.8 million tonnes. World wheat output should rise by 3.2 percent on the back of a better harvest in the Russian Federation.

World meat prices hit record highs, and with strong import demand and limited export availability they will likely remain high. Fish and fishery products also saw sharp rises because of increasing demand and limited supply. This included supplies of several types of farmed fish including Atlantic salmon, trout, seabass and tilapia. In late 2010, farmed shrimp registered its highest prices in a decade.