ROME, Italy - The United Nations Food and Agriculture Organization (FAO) reported a rise in the global food price index for the first time in seven months, marking a 1.1 percent increase to 118.3 points in March from February.
According to Philippines News Agency, the upturn in food prices was predominantly fueled by higher costs of vegetable oils, dairy products, and meat.
Despite the monthly increase, the index still reflected an annual decrease of 9.9 points, or 7.7 percent, from March of the previous year, indicating a complex global food pricing landscape.
The detailed breakdown showed a 2.6 percent decline in the cereal price index to 110.8 points in March, representing a 20 percent drop compared to the same month in 2023. Conversely, the index for vegetable oils saw a significant monthly increase of 8 percent, reaching 130.6 points in March.
The dairy price index continued its upward trajectory for the sixth consecutive month, rising 2.9 percent to 124.2 points in March, while the meat price index also increased by 1.7 percent to 113 points, marking its second consecutive monthly rise. The sugar price index, however, decreased by 5.4 percent to 133.1 points from February to March, although it experienced a 4.8 percent increase when compared to March 2023.
This recent fluctuation in global food prices underscores the volatility of the food market and highlights the ongoing challenges faced by consumers and policymakers worldwide in navigating the dynamics of food availability and affordability.