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| Global food prices continue to surge, hitting 7-year highs, UN says | Global food prices continue to surge, hitting 7-year highs, UN says |
| (about 1 month later) | |
| A new report by the Food and Agriculture Organization (FAO) of the United Nations shows that global food commodity prices rose in March, marking their tenth consecutive monthly increase. | A new report by the Food and Agriculture Organization (FAO) of the United Nations shows that global food commodity prices rose in March, marking their tenth consecutive monthly increase. |
| The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 118.5 points in March, 2.1% higher than in February and reaching its highest level since June 2014. | The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 118.5 points in March, 2.1% higher than in February and reaching its highest level since June 2014. |
| According to the FAO, the March increase was led by the vegetable oil price index, which rose 8% from the previous month to hit a nearly 10-year high, “with soy oil prices rising sharply due in part to the prospects of firm demand from the biodiesel sector.” | According to the FAO, the March increase was led by the vegetable oil price index, which rose 8% from the previous month to hit a nearly 10-year high, “with soy oil prices rising sharply due in part to the prospects of firm demand from the biodiesel sector.” |
| The dairy price index increased 3.9% from February, with “butter prices buoyed by somewhat tight supplies in Europe associated with increased demand in anticipation of a food-service sector recovery.” Milk powder prices also rose, supported by a surge in imports in Asia, particularly China, due to declining production in Oceania and scarce shipping container availability in Europe and North America. | The dairy price index increased 3.9% from February, with “butter prices buoyed by somewhat tight supplies in Europe associated with increased demand in anticipation of a food-service sector recovery.” Milk powder prices also rose, supported by a surge in imports in Asia, particularly China, due to declining production in Oceania and scarce shipping container availability in Europe and North America. |
| The meat price index showed a 2.3% rise from February, according to the report. The agriculture organization pointed out that imports by China and a surge in internal sales in Europe ahead of the Easter holiday celebration underpinned increasing poultry and pig meat quotations. | The meat price index showed a 2.3% rise from February, according to the report. The agriculture organization pointed out that imports by China and a surge in internal sales in Europe ahead of the Easter holiday celebration underpinned increasing poultry and pig meat quotations. |
| By contrast, the cereal price index dropped by 1.8%, but it is still 26.5% higher than in March 2020, the report said, adding: “Wheat export prices declined the most, reflecting generally good supplies and favourable production prospects for 2021 crops. Maize and rice prices also declined, while those for sorghum rose.” | By contrast, the cereal price index dropped by 1.8%, but it is still 26.5% higher than in March 2020, the report said, adding: “Wheat export prices declined the most, reflecting generally good supplies and favourable production prospects for 2021 crops. Maize and rice prices also declined, while those for sorghum rose.” |
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