Business & Economy

Ukraine war drives record high world food prices

Rome, Apr 8 (EFE).- World food prices in March reached their highest levels since 1990 as the war in Ukraine has spiked prices of staple grains and vegetable oils, the Food and Agriculture Organization of the United Nations (FAO) said Friday.

Ukraine and Russia together account for some 30% of global wheat exports and 20% of maize exports.

The FAO food price index stood at 159.3 points in March – up 12.6% from February and up 33.6% since March last year – while the FAO cereal price index increased by 17% and world wheat prices soared by 19.7% from February to March.

The primary cause for the spike in food prices has been the Russian invasion of Ukraine, exacerbated by concerns over crop conditions in the United States, according to the FAO.

The price of meat also reached an all-time high with the FAO meat price index up 4.8% in March.

The increase is led by surging pig meat prices related to a shortfall of slaughter pigs in Western Europe.

Dairy and sugar prices also rose by some 20% compared to March last year. EFE


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