World prices for wheat and corn rose by almost 20 percent. UN News reports, citing the Food and Agriculture Organization of the United Nations (FAO).
Global food prices hit an all-time high in March. The FAO Food Price Index allows to monthly track fluctuations in the cost of the world’s most traded food commodities.
The index averaged 159.3 points in March, up 12.6 percent from February, when it reached its highest level since its inception in 1990.
The value of the FAO Cereal Price Index in March was 17.1 percent higher than in February. This trend is due to higher prices for wheat and all coarse grains — for the past three years, Russia and Ukraine have accounted for about 30 percent of global wheat exports and 20 percent of corn exports.
World wheat prices soared 19.7 percent for the month and corn prices grew by 19.1 percent, reaching a record high. In addition, barley and sorghum were affected by price increases.
The price index for vegetable oils rose by 23.2 percent, the world’s leading exporter of which is Ukraine. Prices for palm oil, soybean oil and rapeseed oil also increased as a result of higher prices for sunflower oil and crude oil.
The average sugar price index rose by 6.7 percent from February, 20 percent higher than in March 2021. The main reason was rising crude oil prices and appreciation of the Brazilian real. However, favorable production forecasts in India prevented a larger increase in sugar prices this month.
Average meat prices grew by 4.8 percent in March, reaching an all-time high, according to the FAO, caused by a decrease in pig numbers in Western Europe.
International poultry prices rose as shipments from leading exporting countries declined due to a series of avian flu outbreaks.
The average price index for dairy products increased by 2.6 percent, 23.6 percent higher than in March last year.
