ROME – Global food prices rebounded in March from three-year lows, according to the latest price index from the United Nations food agency.
The Food and Agriculture Organization (FAO) said that the index of the most traded food commodities globally reached an average of 118.3 points in March, up from a revised 117.0 points in the previous month.
She explained that the index reading for February is the lowest since February 2021 and represents the seventh monthly decline in a row. International food prices have fallen sharply from their record peak in March 2022.
She added that the latest monthly reading was 7.7% lower than the previous year’s level. In March, the agency’s vegetable oil price index led the gains, jumping 8% month-on-month, with all major oils recording increases.
The dairy products index rose 2.9% for the sixth month in a row, driven by cheese and butter prices, while the meat index increased 1.7%, reflecting higher prices of poultry, pigs and beef. These gains outweighed declines in cereals, which fell 2.6% from February, and sugar, which fell 5.4%.
As for upcoming crops, the agency cut its 2024 global wheat production forecast to 796 million tonnes, from 797 million last month, due to lower forecasts for EU and UK crops following rain and drought conditions in some areas.
Source: Reuters
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2024-04-05 19:30:44