Food prices also rose in March
FAO: "Vegetable oils and dairy products drive the increase"
World food prices also increased in March. This is the tenth consecutive month in which there is a rise in prices. Vegetable oils and dairy products are driving the increase. Specifically, the food price index of the United Nations Food and Agriculture Organization (FAO) recorded an average of 118.5 points in March, or 2.1% more than in February reaching its highest level since June 2014.
Trends varied by product type. The increase in March was driven by the vegetable oil price index, which rose 8% from the previous month and almost reached its highest level in the last 10 years, with a sharp increase in oil prices. of soybeans due in part to demand from the biodiesel sector. The Dairy Price Index has increased by 3.9% since February, reflecting the rise in butter prices caused by a certain shortage of supply in Europe. Powdered milk prices also increased, supported by increased imports to Asia, particularly China, due to decreased production in Oceania and limited availability of shipping containers to North America and Europe.
Likewise, the meat price index also increased, by 2.3% since February, due to imports from China and a sudden increase in domestic sales in Europe before the Easter holidays, which supported prices. of poultry and pork. Prices for beef have remained stable, while prices for sheep have declined. Conversely, the cereal price index fell by 1.8%, but is still 26.5% above the level recorded in March 2020. Export grain prices have fallen further, as is the case. the result of good supply and favorable prospects for agricultural production in 2021. Corn and rice prices fell, while sorghum prices increased. Finally, the sugar price index fell 4%, but remained more than 30% above the level recorded a year ago.
EFA News - European Food Agency