Cereal: Maize and wheat prices reach record levels worldwide

Published 2022년 4월 11일

Tridge summary

The article highlights the significant surge in global food commodity prices, which reached a record high in March, driven by increases in vegetable oil, cereals, meat, sugar, and dairy products. The rise in wheat and corn prices, particularly due to the Russia-Ukraine conflict's impact, has led to the Food and Agriculture Organization (FAO) Cereal Price Index leaping by 17.1% from February to March. The article also discusses the implications of these rising food prices for Togo, a country that faces challenges in self-sufficiency for rice and wheat, especially with a reduction in wheat exports from Russia. In response, the Togolese government is implementing measures to make its population more resilient to inflation, including controlling speculation on imports and continuing subsidies for fertilizers for the upcoming agricultural season.

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Original content

(Togo First) - Over the past month, global food commodity prices reached their highest level ever and the pace has been maintained in the past weeks. “The FAO Food Price Index averaged 159.3 points in March, up 12.6 percent from February when it had already reached its highest level since its inception in 1990,” the FAO warned. The Rome-based UN body said the surge was mostly driven by prices of commodities like vegetable oil, cereals, meat, sugar, and dairy products. The Russia-Ukraine war’s impact on maize and wheat prices Between February and March, world prices of wheat and corn both soared by nearly 20%, reaching a new record high, the same as sorghum and barley, according to the latest data. The FAO Cereal Price Index leaped by 17.1% from February to March, notably due to significant increases in wheat prices. A situation that is directly linked to the Russia-Ukraine conflict, as the two countries, together, accounted for about 30% of global wheat exports, and 20% of ...

Source: Togofirst