Global food prices hit 7-year highs: FAO

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Islamabad

A new report by the Food and Agriculture Organisation (FAO) of the United Nations shows that global food commodity prices rose in March, marking their tenth consecutive monthly increase.

The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 118.5 points in March, 2.1% higher than in February and reaching its highest level since June 2014.

According to the FAO, the March increase was led by the vegetable oil price index, which rose 8% from the previous month to hit a nearly 10-year high, “with soy oil prices rising sharply due in part to the prospects of firm demand from the biodiesel sector.”

The dairy price index increased 3.9% from February, with “butter prices buoyed by somewhat tight supplies in Europe associated with increased demand in anticipation of a food-service sector recovery.”—TLTP

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