FAO = Food and Agriculture Organization of the United Nations on the 8th, due to the influence of Russia's military invasion of Ukraine, the food price index in March, which is compiled based on international transaction prices such as grains, was 159.3 points in February. It was announced that it was the highest since it started recording in 1990, up 12.6%.
By item, the price of wheat, which accounts for 30% of the world's exports including Russia and Ukraine, has soared due to the effects of the military invasion, so "grain" has increased by 17% compared to the previous month. have become.
“Vegetable oil” also increased by 23.2% due to the fact that Ukraine is the world's largest exporter of sunflower oil, and dairy products, sugar and meat are all increasing.
FAO has also revised its global wheat production forecast downwards in March, saying it is unlikely that at least 20% of its winter acreage will be harvested in Ukraine.
On top of that, the market is becoming more uncertain, saying that ports have been closed in Ukraine and that economic sanctions in Russia have hindered settlement and transportation, hindering grain exports.