ANKARA: Global food prices went down in March for the 12th consecutive month, driven by falls in prices of cereals and vegetable oils, the United Nations, Food and Agriculture Organization said on Friday.
It said the Food Price Index averaged 126.9 points last month, falling 2.1 percent from February and 20.5 percent from the peak hit in March 2022.
The UN FAO food price index is a trade-weighted index that watches the international market prices of 5 major food commodity groups.
The cereal price index dropped 5.6 percent from a month ago, with international wheat prices falling 7.1 percent owing to strong production in Australia, improved crop conditions in the European Union (EU), enhanced supplies from Russia, and Ukrainian exports from its Black Sea ports.
Vegetable oil prices
The vegetable oil price index dipped 3 percent from February as ample world supplies and subdued global import demand weighed down rapeseed, soy, and sunflower oil quotations.
FAO chief economist Maximo Torero said that while rates dropped globally, they are still too high and continue to surge in domestic markets, creating additional challenges for food security.
He said this is especially so in net food-importing developing nations, with the situation further aggravated by the depreciation of their currencies against the US dollar or the euro and increasing debt burden.
Dair price index
The dairy price index slipped 0.8 percent in March, thanks to lower price quotations for milk powders and cheese, while butter prices increased.
On the other side, indices for sugar and meat increased by 1.5 percent and 0.5 percent, respectively, in March.
