Although prices have fallen globally, they are still very high and continue to rise in domestic markets, FAO said.
World food prices have fallen for 12 consecutive months. At the end of March, the price index was 126.9 points, which is 2.1% lower than in February and 20.5% below the peak reached in March 2022. This was announced by the Food and Agriculture Organization of the United Nations (FAO) on Friday, April 7.
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Thus, the FAO Cereal Price Index decreased by 5.6% compared to February. At the same time, world prices for wheat fell by 7.1%. This was driven by a strong harvest in Australia, improved growing conditions in the European Union, strong supply from Russia and continued exports from Ukrainian ports. World corn prices dropped by 4.6%.
FAO Vegetable Oil Price Index in March was 3% lower than the previous month and 47.7% below March 2022 levels. Large global inventories and weak global import demand pushed down prices for soybean, rapeseed and sunflower that oil.
FAO Dairy Price Index in March it decreased by 0.8%.
FAO Sugar Price Index rose 1.5% from February to the highest level since October 2016, reflecting concerns about deteriorating manufacturing prospects in India, Thailand and China.
FAO Meat Price Index slightly increased – by 0.5%. In the US, beef prices rose on rising domestic prices due to expected supply cuts, while pork prices rose on pre-holiday demand in Europe. Poultry meat prices continued to decline for the ninth straight month on weak import demand.
The FAO said that although prices have fallen globally, they are still very high and continue to rise in domestic markets, creating additional problems for food security.
“This is especially true for developing countries that are net food importers, the situation is exacerbated by the devaluation of their currencies against the US dollar or the euro and the growing debt burden,” said FAO Chief Economist Máximo Torero.
It will be remembered that by the end of 2022, food prices in Ukraine will increase by 32.8%. At the same time, inflation slowed to 0.7% in February.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.