Food prices at their highest since June 2014

This inflation is mainly driven by the rise in vegetable oils, according to the Food and Agriculture Organization of the United Nations.

World food prices rose again overall in March, for the tenth consecutive month, the Food and Agriculture Organization of the United Nations (FAO) announced on Thursday. They are driven by vegetable oils and dairy products, while grain prices have fallen. The FAO Food Price Index averaged 118.5 points in March, up 2.1% from February and its highest level since June 2014.

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The increase in March is mainly due to that of the vegetable oil price index, up 8% from February, reaching “almost“A high for ten years, details the United Nations Food and Agriculture Organization in a press release.

The dairy product price index rose 3.9% over one month, as butter prices benefited from “somewhat limited availability in Europe and increased demand in anticipation of a recovery in the restaurant industry“. Prices for powdered milk also rose, supported by a sharp increase in imports into Asia, particularly China.

The meat price index is up 2.3%. Poultry and pork prices rose, beef prices remained stable while sheep prices declined.

World wheat production at record levels

For their part, the prices of cereals fell by 1.8%, but remain up by 26.5% compared to March 2020. Export wheat prices are the ones that have fallen the most, mainly because the supply is satisfactory and that the production outlook for the 2021 crops is favorable, explains the FAO. Maize and rice prices also fell, but sorghum prices rose. The sugar price index fell 4% but remains more than 30% above its level of last March.

FAO expects world cereal production to record its third consecutive year of increase in 2021. The organization has revised upward its initial estimates for world wheat production, as growing conditions are better than expected in several areas. country.

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World wheat production is expected to hit a record 785 million tonnes in 2021, up 1.4% from 2020. FAO judges “production likely to rebound significantly across EuropeAnd expects a record harvest in India. Maize production is also expected to be above average, according to the FAO Cereal Supply and Demand Bulletin, also released on Thursday.

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