4/8, 10:25 AM (Source: TeleTrader)
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UN: Food prices at highest levels ever in March

The United Nations Food and Agriculture Organization (FAO) stated on Friday that food commodity prices have reached their highest level in March since records began in 1990. The Food Price Index, which tracks the international prices of a basket of commonly-traded food commodities, stood at 159.3 points, jumping 12.6% from the previous all-time high set in February and soaring 33.6% compared to March 2021.

The FAO attributed the price increase mainly to the conflict in Ukraine, together with high energy costs. The agency noted that Russia accounts for around 30% of global wheat and corn exports, while Ukraine accounts for 20%. World trade in cereals in the current marketing year is expected to decrease compared to last year and amount to 469 million tons. "Expectations point to the European Union and India increasing wheat exports, while Argentina, India and the United States shipping more corn, partially compensating for the loss of exports from the Black Sea region," the FAO said.

Baha Breaking News (BBN) / DJ