The Food and Agriculture Organization of the United Nations (FAO) announced that global food prices rose for the tenth consecutive month in March, reaching their highest levels since June 2014.
The “FAO” food price index, which measures the monthly changes of a basket of grains, vegetable oils, dairy products, meat and sugar, averaged 118.5 points last month, compared to a slightly revised reading of 116.1 in February.
The previous reading for February was 116.0 points.
The Rome-based FAO said in a statement that global cereal crops are still on their way to a record annual level in 2020, adding that initial indications are of a new increase in production this year.
The “FAO” raised its forecast for the grain season in 2020 to 2.765 billion tons from a previous estimate of 2.761 billion tons, indicating an increase of 2% year on year.