25 June 2024

Global food prices fall by 2.1 per cent except Sugar – UNFAO

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Global food prices fall by 2.1 per cent except Sugar – UNFAO

The United Nations, Food and Agriculture Organization said World food prices declined for the 12th consecutive month in March.

FAO’s broad Food Price Index on Friday disclosed that global food prices slipped to 2.1 per cent in March, and it is now down to 20.5 per cent since reaching its all-time peak one year ago after an increase following the Russia-Ukraine conflict.

It added that it was the first time the index had fallen all year round.

Specifically, Grains and cereals, the most significant component in the index, was down to 5.6 per cent compared to February and down by 18.6 per cent yearly.

Wheat, Corn, Dairy, and Vegetable prices had also declined, according to FAO’s report.

However, the price of Sugar rose by 1.5 per cent in March, reaching its highest level since October 2016.

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