Global food prices up after 7-month downward trend

By Gokhan Ergocun

ISTANBUL (AA) - The UN Food and Agriculture Organization (FAO) food price index rose 1.3 points, or 1.1%, to 118.3 points in March compared to February, increasing for the first time after a seven-month of downward trend.

According to the FAO's press release on Friday, the increase in food prices was driven mainly by vegetable oils, dairy products, and meat.

Meanwhile, the index posted an annual decline of 9.9 points, or 7.7%, in March, despite the monthly overall rise.

The cereal price index fell 2.6% to 110.8 points from February and 20% from March 2023.

The index for vegetable oil rose 8% to 130.6 points in March month-on-month.

In its sixth consecutive monthly increase, the dairy price index increased 2.9% to 124.2 points in March from February.

The Meat price index was up by 1.7% to 113 points, its second consecutive monthly increase.

The Sugar price index went down 5.4% to 133.1 points from February to March but rose 4.8% from March 2023.