What is the News?
The Food and Agriculture Organization(FAO) has released the World Food Price Index.
According to the index, world food prices have increased for the 11th consecutive month in April. Further, the prices also hit their highest level since May 2014.
About World Food Price Index:
- Firstly, the index was introduced in 1996. It was to help in monitoring the developments in the global agricultural commodity markets.
- Secondly, Purpose: The index is a measure of the monthly change in international prices of a basket of food commodities.
- Thirdly, Commodities: It consists of the average of five commodity group price indices. Such as cereal, vegetable, dairy, meat and sugar. Also, these five indices is given weightage based on the average export shares.
- Fourthly, Base Year: The Base Year for the index is 2014-16.
About Food and Agriculture Organization (FAO)
- Firstly, it is a specialized agency of the United Nations that leads international efforts to defeat hunger.
- Secondly, it was established in 1945. The FAO is headquartered in Rome, Italy.
- Further, reports published by FAO:
- World State of Forest Report
- State of World Fisheries and Aquaculture(SOFIA).
- State of Food Security and Nutrition in the World (SOFI), etc
- Treaty: FAO is the depository body of the International Treaty on Plant Genetic Resources for Food and Agriculture.
Source: Economic Times