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Technical notes

Table World food situation: FAO Food price index
Technical note The FAO Food Price Index is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of 6 commodity group price indices (meat, dairy, cereals, oils and fats, and sugar) weighted with the average export shares of each of the groups for 2002-2004; in total 55 commodity quotations considered by FAO commodity specialists as representing the international prices of the food commodities noted are included in the overall index.

Meat Price Index: Consists of 3 poultry meat product quotations (the average weighted by assumed fixed trade weights), 4 bovine meat product quotations (average weighted by assumed fixed trade weights), 2 pig meat product quotations (average weighted by assumed fixed trade weights), 1 ovine meat product quotation (average weighted by assumed fixed trade weights): the 4 meat group average prices are weighted by world average export trade shares for 2002-2004.

Dairy Price Index: Consists of butter, skimmed milk powder, whole milk powder, cheese, casein price quotations; the average is weighted by world average export trade shares for 2002-2004.

Cereals Price Index: This index is compiled using the grains and rice price indices weighted by their average trade share for 2002-2004. The Grains Price Index consists of International Grains Council (IGC) wheat price index, itself average of 9 different wheat price quotations, and 1 maize export quotation; after expressing the maize price into its index form and converting the base of the IGC index to 2002-2004. The Rice Price Index consists of 3 components containing average prices of 16 rice quotations: the components are Indica, Japonica and Aromatic rice varieties and the weights for combining the three components are assumed (fixed) trade shares of the three varieties.

Oil and Fat Price Index: Consists of an average of 11 different oils (including animal and fish oils) weighted with average export trade shares of each oil product for 2002-2004.

Sugar Price Index: Index form of the International Sugar Agreement prices with 2002-2004 as base.

Data source Food and Agriculture Organization, World Food Situation portal (http://www.fao.org/worldfoodsituation/).
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