Global Food Price Divergence: Turkey’s Situation
Turkey is increasingly affected by global food inflation. While global food prices have decreased by 1.1% year-on-year, Turkey’s inflation rate, although showing a slowing growth pace, has reached 44.4%.
The Food and Agriculture Organization (FAO) announced that the Global Food Price Index experienced a slight decline in August due to decreased demand for sugar, meat, and cereal products, despite rising demand for vegetable oils and dairy products. The FAO shared the August data for this index, which tracks monthly changes in international food product prices.
According to the announcement, the index fell to 120.7 points in August, reflecting a reduction of 0.3 points from the revised level of the previous month. The 1.1% year-on-year decline in food prices was primarily attributed to the decreased demand for sugar, meat, and cereal products, which outweighed the increases in demand for vegetable oils and dairy products.
The Cereal Price Index dropped by 0.5% in August due to positive harvest expectations in major exporting countries such as the United States and Argentina. Meanwhile, the Vegetable Oil Price Index increased by 0.8%, driven by a rise in palm oil prices, despite a drop in soybean and sunflower oils.
The Sugar Price Index saw a reduction of 4.7% due to high production levels in India and Thailand, alongside falling international oil prices. During the same period, the FAO Dairy Products Price Index rose by 2.2%, attributed to increased demand for milk powder, cheese, and butter. Conversely, the Meat Price Index decreased by 0.7%, reflecting declines in the prices of poultry, cattle, sheep, and pork.
Source: Tarım Haberleri
John Peterson graduated with a degree in Agricultural Sciences from Wageningen University in the Netherlands. His specialization is in sustainable crop production and soil health management. John is passionate about integrating modern technology with traditional farming methods to enhance productivity while preserving the environment. He currently works as a consultant, helping farmers adopt sustainable practices.