World food prices rise for 10th straight month - FAO

April 8, MINSK. In March, another increase in world food prices was recorded, which has been going on for the tenth month in a row. This is reported in a report published today on the website of the Food and Agriculture Organization of the United Nations (FAO).

In March, the average value of the FAO Food Price Index, which monitors monthly fluctuations in world prices for the most popular food products, was 118.5 points. This is the highest value of this index since June 2014.

Quotes of vegetable oils and dairy products grew the most in March. Thus, the FAO vegetable oil price index rose by 8% compared to February and reached an almost 10-year high.

The FAO Dairy Price Index rose 3.9% from its February level. The increase in butter prices is mainly due to some supply reduction in Europe and an increase in demand due to the expected reopening of the catering sector. Powdered MILK prices also rose as a result of increased imports from Asian countries, especially CHINA .

The FAO MEAT Price Index averaged 2.3% higher than in February. According to the FAO, the main reason for the increase in quotations of poultry and pork was the increase in imports from China and the growth of domestic sales in Europe on the eve of Easter. Beef prices remained stable, while mutton prices declined as New Zealand's dry weather forced farmers to sell off their livestock.

Meanwhile, the FAO grain price index in March, on the contrary, fell by 1.8%. However, it is still 26.5% above its March 2020 level. Wheat EXPORT prices declined the most, driven by ample stocks and favorable prospects for the 2021 crop. Prices for corn and rice also declined.

The FAO SUGAR Price Index declined by 4% for the month, due to an expected strong increase in India's exports.