Global food prices rose in March for tenth consecutive month

Chisinau, 12 April /MOLDPRES/- Global food prices increased in March, marking a continuous monthly rise over ten months, with the most significant increase in quotations for vegetable oils and dairy products, according to data recently released by the Food and Agriculture Organization of the United Nations (FAO).

The FAO food price index, which determines the monthly fluctuations in world prices for the most traded food products was 118.5 points in March, up by 2.1 percent against the previous month, reaching the highest level since June 2014.

FAO dairy price index increased by 3.9% compared to February. Butter prices have risen as a result of rising demand based on expectations of a recovery in the food sector and, in part, tight supplies in Europe. Powdered milk prices have also risen amid rising imports into Asia, especially China.

At the same time, the FAO meat price index rose in March by 2.3% compared to February, due to imports from China and the increase in domestic sales volume in Europe before the Easter holiday, which led to an increase in meat prices, bird and pig. Beef prices have remained constant, while sheep prices have fallen as the dry weather in New Zealand has pushed farmers to sell their goods quickly and cheaply.

On the other hand, the FAO cereal price index fell by 1.8%, even though it is 26.5 percent higher than in the same period of 2020. Wheat export prices fell the most, which shows good supply and favorable production prospects for the crops of the current year. Maize and rice prices also fell, while sorghum prices rose.

"There was also a 4.0 percent decrease in the FAO sugar price index, generated by higher potential exports from India. However, it is over 30 percent higher, compared to its level in the same period last year, " press release of the Food and Agriculture Organization of the United Nations reads.

photo: filmmic.ro