The Food and Agriculture Organization of the United Nations (FAO) announced on Friday that world food prices in March reached their “highest levels ever recorded” before, due to the war in Ukraine. The conflict has caused a shock in the grain and vegetable oil markets.
World food prices reached their “highest levels on record” in March, the Food and Agriculture Organization of the United Nations (FAO) announced on Friday. The reason ? The war in Ukraine, which “causes shocks” in the grain and vegetable oil markets.
The FAO food price index, which tracks the monthly change in the international prices of a basket of basic food products, had already broken its record in February since its creation in 1990, and recorded a further increase of 12.6 in March. %, the organization said in a statement.
The price of cereals in question
The increase was mainly attributable to the FAO Cereals Price Index, which “registered a rise of 17.1% compared to February, driven by strong increases in the prices of wheat and all coarse grains, mainly due to the war in Ukraine”.
Food prices are also driven up by vegetable oils, whose FAO index “jumped by 23.2%, driven by the rise in the price of sunflower oil, of which the world’s largest exporter is Ukraine. “. At the same time, the prices of palm, soybean and rapeseed oils are also rising sharply, “due to an increase in global import demand due to disruptions in the supply of sunflower oil” .