World food prices reached record levels in February, mainly due to the increase in the prices of vegetable oils, the supply of which was limited due to the war in Ukraine, announced the Food and Agriculture Organization of the United Nations. (FAO).
The FAO index rose 3.9% in February compared to the previous month and stood at 140.7 points, while in January it was at 135.7 points, the organization said in a statement.
This indicator, which reflects the monthly variation of the international prices of a basket of basic food products, exceeded the record levels of February 2011 (137.6 points).
“Concerns about the conditions of the crops and the adequacy of export availability explain only in part the current increases”, assured Upali Galketi Aratchilage, an economist at the FAO, regarding the current concern about the war between Russia and Ukraine, two of the main grain exporters.
“Food price inflation stems much more from sectors other than food production, especially energy, fertilizer and animal feed”, he added.
The FAO Vegetable Oil Price Index led the increase, rising 8.5%, and hit a new record, driven by higher quotations for palm, soybean and sunflower oils.
The price of cereals, according to the FAO, increased by 3% compared to January, due to the rises registered by coarse grains, such as corn, which rose by 5.1% due to the uncertainty surrounding Ukraine’s exports and the situation of crops in Latin America.
In contrast, the FAO Sugar Index fell 1.9%, thanks to favorable prospects for exports from Brazil, India and Thailand.
Source: Gestion
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