Food Prices Set a Record During March

The United Nation’s Food and Agriculture Organization says its Food Price Index set a record in March. The index averaged 159.3 points, up almost 18 points from February. The 12% jump in the index during March sent it to the highest level since the index began in 1990. The latest increase reflects all-time highs for vegetable oils, cereals, and meat sub-indices, while sugar and dairy products also rose significantly.

The Cereal Price Index averaged 170 points in March, up 25 points from February. The 17% increase reflected a surge in world wheat and coarse grain prices, largely caused by export disruptions from Ukraine. The Vegetable Oil Price Index averaged 248 points in March, up 47 points from February. The Dairy Price Index averaged 145.2 points in March, up almost four points and the seventh-consecutive monthly increase. The Meat Price Index rose by 5.5 points and the Sugar Price Index was 7.4 points higher.

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