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Global food prices rebounded in March from three-year lows, according to the latest price index from the UN food agency.
The Food and Agriculture Organization (FAO) said that the index of the most traded food commodities in the world reached an average of 118.3 points in March, up from a revised 117.0 points in the previous month.
She explained that the index reading for February is the lowest since February 2021 and represents the seventh monthly decline in a row. International food prices have fallen sharply from their record peak in March 2022.
She added that the latest monthly reading was 7.7% lower than the previous year’s level, and in March, the agency’s vegetable oil price index led the gains, jumping 8% on a monthly basis, with all major oils recording increases.
The dairy products index rose 2.9% for the sixth month in a row, driven by the prices of cheese and butter, while the meat index increased 1.7%, reflecting higher poultry and beef prices. These gains outweighed declines in grains, which fell 2.6% from February, and sugar, which fell 5.4%.
As for upcoming crops, the agency cut its forecast for global wheat production for 2024 to 796 million tons, from 797 million last month, due to lower expectations for EU and UK crops after rain and drought conditions in some areas.
Source: Reuters