The 2017 average of Food and Agricultural Organization’s food price index was up 8.2 per cent from a year before, although values eased at the end of the year with prices down 3.3 per cent in December month-on-month.
Dairy prices led the way in 2017, rising by almost a third with a record rise in butter, followed by whole milk powder and cheese. Meat prices gained 9 per cent.
Despite pressure from large inventories, cereals rose 3.2 per cent while vegetable oil prices increased by 3 per cent. Sugar was depressed, falling 11 per cent due to a bumper harvest in Brazil, the world’s largest producer.
