Global food prices hit record highs in March
According to a report released by the Food and Agriculture Organization of the United Nations on the 8th, the conflict between Russia and Ukraine hit the global grain and vegetable oil market, and global food prices hit a new high in March.
The report shows that in March, the FAO Food Price Index was 159.3 points, up 12.6% month-on-month and 33.6% year-on-year. After climbing to the highest level since the index was established in 1990 in February, it reached a new high.
The report pointed out that the Ukrainian crisis triggered a surge in wheat and coarse grain prices, with the FAO Cereal Price Index rising 17.1% month-on-month in March.
In the month, wheat prices rose 19.7% month-on-month, and corn prices rose 19.1% month-on-month; corn, barley and sorghum prices all climbed to their highest levels since 1990.
Russia and Ukraine together accounted for about 30 percent of global wheat exports and 20 percent of corn exports over the past three years, according to the FAO report.
The report also pointed out that Ukraine is the world's major exporter of sunflower oil, and the vegetable oil price index rose 23.2% month-on-month in March due to rising sunflower oil quotations.
Palm, soybean and rapeseed oil prices climbed sharply during the month.
In March, the price indices for meat, dairy products and sugar rose by 4.8%, 2.6% and 6.7% month-on-month respectively.