UN body: Global food prices broadly unchanged in March

By Tuba Sahin

ANKARA (AA) - World food prices were broadly stable on a monthly basis in March, still hovering around its highest value since August 2018, the UN Food and Agriculture Organization (FAO) revealed on Thursday.

The food price index averaged 167 points last month, slightly up from 166.8 points in February, the FAO said in a statement.

On a yearly basis, the March figure was 3.6 percent lower.

The FAO Food Price Index is a trade-weighted index that tracks monthly changes in international market prices of five major food commodity groups.

The jump in dairy prices and somewhat firmer meat values were offset by drops in cereal, vegetable oil and sugar price quotations.

The dairy price index surged 6.2 percent or 11.9 points to average at 204.3 points monthly in March, registering a third consecutive rise.

"International prices of butter, whole milk powder, and cheese rose, underpinned by increased import demand," it said.

The FAO meat price index rose slightly by 0.4 percent during the same period.

The vegetable oil price index last month fell by 4.4 percent from February, mostly reflecting weakening values of palm, soy and rapeseed oils.

The data showed that the cereal price index dropped 2.2 percent as wheat prices fell sharply due to large exportable supplies and a slack demand.

Last month, the sugar price index went down 2.1 percent from the previous month.

"The decline largely reflected bigger harvests in the main producing countries than previously anticipated," it said.