FAO says global food prices rose in February, ending a five-month decline
The Facts
- The FAO Food Price Index rose in February, ending a five-month downward trend in global food prices.
- The FAO Food Price Index averaged 125.3 points in February, up 0.9% from January (revised to 124.2 points).
- FAO said higher cereal, meat and vegetable oil prices outweighed declines in cheese and sugar prices in February.
- FAO reported the overall index was about 1% lower than a year earlier.
- FAO said the cereal price index increased 1.1% from January, with wheat prices rising 1.8%.
- FAO attributed the rise in wheat prices to weather risks (including frost) in parts of Europe and the United States and to continuing logistical disruptions linked to Russia and the wider Black Sea region.
- FAO said the vegetable oil price index rose 3.3% in February and reached its highest level since June 2022.
- FAO data show the overall index is nearly 22% below its March 2022 peak reached after the start of the war in Ukraine.
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Context
What is the FAO Food Price Index?
FAO’s Food Price Index tracks monthly changes in the international prices of a basket of globally traded food commodities. Reuters El Economista
Which categories drove the February increase in global food prices?
FAO said higher prices for cereals (including wheat), meat and most vegetable oils outweighed declines in cheese and sugar. Reuters Le Figaro.fr SudOuest.fr
How do February food prices compare with recent benchmarks?
FAO reported the index was about 1% below its level a year earlier and nearly 22% below its March 2022 peak, which followed the start of the war in Ukraine. Reuters Terra La Jornada
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