FAO announced the results of the Global Food Price Index for March, which monitors monthly changes in the prices of food products internationally.
According to the announcement, the index rose by 1.1 percent in March compared to the previous month, reaching a value of 118.3 points. The index stood at 117 points in February, the lowest level since February 2021.
The increase in vegetable oils, meat, and dairy product prices contributed to the rise in the index in March following seven consecutive months of decline.
In March, the Vegetable Oil Price Index increased by 8 percent on a monthly basis, driven by the rise in global prices of palm oil, soybean, sunflower, and rapeseed oils.
Palm oil prices increased due to seasonal declines in production in leading producer countries and strong domestic demand in Southeast Asia.
Soybean oil prices rebounded from their lowest levels in recent years, particularly supported by strong demand from the biofuel sector in Brazil and the United States.
The Cereal Price Index decreased by 2.6 percent on a monthly basis and by 20 percent on an annual basis due to the decline in wheat prices caused by competition among the United States, the European Union, and Russia.
The Sugar Price Index declined by 5.4 percent in March compared to February, influenced by the upward revision of the 2023-2024 sugar production forecast.
During the same period, the FAO Dairy Price Index increased by 2.9 percent on a monthly basis, driven by the rise in global prices of cheese and butter, marking the sixth consecutive monthly increase.
The Meat Price Index also increased by 1.7 percent compared to the previous month, supported by the global rise in prices of poultry, pork, and beef.
FAO also released the Grain Supply and Demand Summary Report, which includes assessments of global production, consumption, trade, and stock trends.
The organization raised its forecast for global cereal production for 2023-2024 from 2.839.5 million tons in February 2024 to 2.841.1 million tons, representing a 1.1 percent increase compared to the previous season’s production of 2.809.2 million tons.
source: aa.com.tr/ prepared by Melisa Beğiç