The Food and Agriculture Organization of the United Nations (FAO) said today that global food prices rose for the tenth consecutive month in March, reaching their highest levels since June 2014, led by jumps in the prices of vegetable oils, meat and dairy products.
The FAO Food Price Index, which measures monthly changes for 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 FAO said global cereal crops are still on their way to record annual levels in 2020. It added that initial indications are of a new increase in production this year. The FAO raised its forecast for the 2020 cereal season to 2.765 billion tons from a previous estimate of 2.761 billion tons, indicating an increase of 2% year-on-year.