Figures by the Food and Agriculture Organization (FAO) of the United Nations has revealed that global food prices increased by over 24% compared to the same period last year.
There has additionally been a rise in the price of vegetable oils which were set at an increase of 8.5%, placing the commodity at a record high. This was mainly due to the supply issues, including reduced palm oil availability from the leading world exporter, that being Indonesia.
According to the FAO Dairy price index, there was a 6.4% climb in February compared to the previous month due to import demand and milk supplies from western Europe and Oceania being below expectations.
The FAO Cereal Price Index grew 3% from January, led by rising quotations for coarse grains, with international maize prices up 5.1%. World wheat prices increased by 2.1%, while an increase in demand saw international rice prices rise by 1.1%.
The FAO Meat Price Index increased by 1.1% in one month. International bovine meat quotations reached a new record high driven by demand and tight supplies of slaughter-ready cattle in Brazil.
However, FAO noted that this forecast does not include potential impacts from the conflict in Ukraine, which it is closely monitoring.
LSL News.