{"id":174167,"date":"2022-04-08T13:34:21","date_gmt":"2022-04-08T12:34:21","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=174167"},"modified":"2022-04-08T13:36:16","modified_gmt":"2022-04-08T12:36:16","slug":"fao-global-food-prices-increased-by-13-in-march","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/04\/08\/fao-global-food-prices-increased-by-13-in-march\/","title":{"rendered":"FAO: Global food prices increased by 13% in March"},"content":{"rendered":"<p>Food and Agriculture Organisation (FAO) of the United Nations has disclosed that global food prices surged by 13 percent in March, making a giant leap to the highest level ever.<\/p>\n<p>This was made known on Friday by the organisation in its<span data-preserver-spaces=\"true\">\u00a0monthly <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.fao.org\/worldfoodsituation\/foodpricesindex\/en\/\" target=\"_blank\" rel=\"noopener\">Food Price Index.<\/a><\/p>\n<p><span data-preserver-spaces=\"true\">FAO said food prices averaged 159.3 points in March, up 12.6 per cent from February, when it had already reached its highest level since its inception in 1990.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Index tracks monthly changes in the international prices of a basket of commonly-traded food commodities.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The latest level of the index was 33.6 per cent higher than in March 2021, FAO said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The latest increase reflects new all-time highs for vegetable oils, cereals, and meat sub-indices, while those of sugar and dairy products also rose significantly.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The report added that they were driven by large rises in wheat and all coarse grain prices largely as a result of the war in <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/04\/06\/ukraine-president-zelensky-shows-civilian-dead-bodies-tells-un-to-act-immediately-on-russia\/\">Ukraine<\/a>.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe Russian Federation and Ukraine, combined, accounted for around 30 per cent and 20 per cent of global wheat and maize exports, respectively, over the past three years,\u201d the report reads.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWorld wheat prices soared by 19.7 per cent during the month, exacerbated by concerns over crop conditions in the United States of America. Meanwhile, maize prices posted a 19.1 per cent month-on-month increase, hitting a record high along with those of barley and sorghum.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cContrasting trends across the various origins and qualities kept the March value of FAO\u2019s Rice Price Index little changed from February, and thus still 10 per cent below its level of a year earlier.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">FAO said the expected loss of exports from the Black Sea region exacerbated the already tight global availability of wheat.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the report, vegetable oil prices rose by 23.2 per cent, driven by higher quotations for sunflower seed oil, of which Ukraine is the world\u2019s leading exporter. Palm, soy, and rapeseed oil prices also rose markedly as a result of the higher sunflower seed oil prices and the rising crude oil prices, with soy oil prices further underpinned by concerns over reduced exports by South America.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">FAO said prices of sugar also rose by 6.7 per cent from February, reversing recent declines to reach a level more than 20 per cent higher than in March 2021.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It further noted that higher crude oil prices were a driving factor, along with currency appreciation of the Brazilian Real, while favourable production prospects in India prevented larger monthly price increases.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe meat price index increased by 4.8 per cent in March to reach an all-time high, led by surging pig meat prices related to a shortfall of slaughter pigs in Western Europe. International poultry prices also firmed in step with reduced supplies from leading exporting countries following avian flu outbreaks,\u201d the report added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For African countries like Nigeria, the effect of a surge in global food prices, especially wheat, had seen higher prices in the price of bread and noodles.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Food and Agriculture Organisation (FAO) of the United Nations has disclosed that global food prices surged by 13 percent in March, making a giant leap to the highest level ever. This was made known on Friday by the organisation in its\u00a0monthly Food Price Index. FAO said food prices averaged 159.3 points in March, up 12.6 [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":131151,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[26912,34774,20491,1364],"class_list":["post-174167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-fao","tag-food-price-index","tag-food-prices","tag-united-nations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FAO: Global food prices increased by 13% in March<\/title>\n<meta name=\"description\" content=\"Food and Agriculture Organisation (FAO) of the United Nations has 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