Global Food Prices in Biggest Fall Since 2008

According to UN’s Food and Agriculture Organization (FAO), August 2015 saw a 5.2% fall in global food prices, the biggest drop since 2008.

The FAO saw monthly falls in all major commodities, from milk and vegetables to oils, sugar and cereals.

Food producers are being hit by slowing demand in China and a Russian embargo on Western products.

Now the European Commission is to release €500 million ($557 million) to help Europe’s farmers.

The commission said the most significant part of the package would support the dairy sector in all EU member states.

Photo Reuters

Dairy farmers have suffered a 20% fall in European wholesale milk prices in 2014.

The European Commission aid comes on top of extra help for European fruit and vegetable farmers, who have been hit by the Russian embargo on Western food imports in retaliation for EU and US sanctions over the crisis in Ukraine.

Farmers across Europe have been protesting in recent weeks against the plunging prices that they say are destroying their businesses.

On September 7, Belgian police fired tear gas and water cannon at some 7,000 European farmers demonstrating Brussels.

Last week, French farmers blocked the streets of Paris with more than 1,500 tractors.

The falling prices are unlikely to be reversed any time soon.

The FAO said in a statement: “Ample supplies, a slump in energy prices and concerns over China’s economic slowdown all contributed to the sharpest fall of the FAO Food Price Index in almost seven years.”

The FAO has raised its forecast for world cereal output in 2015 to 2.54 billion tonnes, thanks to what looks like good wheat and rice harvests in Argentina, Brazil and the US.

Diane A. Wade

Diane is a perfectionist. She enjoys searching the internet for the hottest events from around the world and writing an article about it. The details matter to her, so she makes sure the information is easy to read and understand. She likes traveling and history, especially ancient history. Being a very sociable person she has a blast having barbeque with family and friends.

Recent Posts

White House 2024: Voter Fraud Claims Flood Social Media

Misleading allegations, rumours and outright lies about voting and fraud are flooding online spaces in…

1 day ago

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

4 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

4 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago