FAO Reports Rebound in Global Food Prices for March

• 06 Apr 2024

Recent, United Nations' FAO index shows a rebound in global food prices, driven by increases in vegetable oils, meat, and dairy products.

Key Points

• Previous Decline: February marked lowest index since February 2021, with seventh consecutive monthly decline.
• Year-on-Year Comparison: Latest reading 7.7% lower than the previous year.
• Vegetable Oils Surge: Vegetable oil prices lead gains, rising 8% month on month, with all major oils increasing.
• Dairy and Meat Prices Rise: Dairy index gains 2.9% for sixth consecutive month, driven by cheese and butter prices. Meat index adds 1.7%, reflecting higher poultry, pig, and beef prices.
• Cereals and Sugar Decline: Cereals drop 2.6% from February, while sugar falls 5.4%.
• Production Forecast: FAO projects slight increase in world cereal production for 2023/24, but trims wheat output forecast for 2024.