Prices for global food commodities rose for the 10th month in a row in March according to a new report from the Food and Agriculture Organization of the United Nations.
FAO’s Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, was 2.1% higher in March than in February and is at the highest level since June 2014.
Vegetable oil — up 8% over February — observed the biggest increase and is at a nearly 10-year high, FAO said. The dairy price index also shot up about 3.9%, largely on the back of higher butter prices due to tight supplies in Europe and anticipated food-service recovery driving a bump in demand.
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The meat price index rose to the tune of 2.3% over February, driven by increased Chinese imports and higher internal sales in Europe ahead of Easter celebrations.
FAO reported drops in its index for sugar — down 4% — and cereals — down 1.8% — in March; the cereal index, however, is still 26.5% higher than what was observed in March 2020.
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