Global food prices experienced a surge in March, marking the first increase since July, driven mainly by the rise in cooking oil prices, even as the costs of grains continued to decrease, stated the UN's Food and Agricultural Organization on Friday.
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Global food prices rose in March, driven by higher cooking oil prices, despite grains becoming cheaper. The UN s Food and Agricultural Organization reported a 1.1% increase in its Food Price Index to 118.3 points, the first rise since July. Vegetable oils surged 8.0%, dairy prices climbed 2.9%, and meat prices rose 1.7%. However, cereals prices fell 2.6% and sugar prices dropped 5.4%. The increase in food prices comes after a period of decline following Russia s invasion of Ukraine in February 2022.
An index of world food commodity prices edged up in March after seven straight months of decline, largely driven by price increases for soybean and other vegetable oils.