Global food prices rose in March; increase for 10 consecutive months

Published 2021년 4월 9일

Tridge summary

The Food and Agriculture Organization (FAO) of the United Nations has reported that its Food Price Index reached its highest level since June 2014, averaging 118.5 points in March, which is 2.1% higher than February. This increase is primarily due to an 8% rise in the vegetable oil price index and a 3.9% increase in the milk price index. The meat price index also rose by 2.3%. In contrast, the grain price index decreased by 1.8%, but was 26.5% higher than the previous year. The sugar price index also fell by 4%, but was 30% higher than the same period last year. The FAO also forecasts that world cereal production will increase for the third year in a row, reaching a new high of 785 million tons in 2021.

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Original content

FAO's Food Price Index (which tracks the monthly price changes of 5 major international foods: cereals, meat, milk, vegetable oils and sugar) averaged 118.5 points in the month. 3, 2.1% higher than the previous month and hit the highest level since June 2014. The main reason is that the vegetable oil price index increased by 8% over the previous month, reaching the highest level in nearly 10 years. The milk price index also increased by 3.9%, of which, the price of butter increased due to tightening supply in Europe along with the forecast of the recovery of food and service sector. Powdered milk prices also increased due to reduced output in Oceania and a scarcity of shipping containers in Europe and North America. This item is being imported from Asia, especially China. The meat price index also rose 2.3% from the previous month as China increased imports and improved sales in Europe ahead of Easter. In contrast, the grain price index decreased by 1.8% but was still 26.5% higher ...

Source: VNExpress