Europe News Desk!! The Food and Agriculture Organization (FAO) has said that global food prices declined for the 12th consecutive month in March. FAO’s comprehensive food price index fell 2.1 percent in March, according to Xinhua news agency, and is now down 20.5 percent after reaching its all-time peak a year ago after a big jump following the Russia-Ukraine war. The index was down 5.6 percent over the previous month and 18.6 percent over the past 12 months. Wheat prices fell the most. A 7.1 percent drop fueled market fears as exports from Ukraine via the Black Sea. Corn prices were lower by 4.6 per cent due to a strong production in South America, while rice prices were down by 3.2 per cent due to crop outlook data from India, Vietnam and Thailand.
Prices of vegetable oils were 3 per cent lower in March and 47.7 per cent lower than in March 2022. Meanwhile, dairy prices fell 0.8 percent, contributing to a 10.7 percent drop from a year ago, and meat prices were up 0.8 percent in March, but still up 5.3 percent over the past 12 months. are less. FAO said softer demand and adaptation to global supply chain constraints, such as increased competition among suppliers, are the main factors driving prices down compared to last year. The main exception to this trend has been sugar prices, which rose 1.5 per cent in March, reaching their highest level since October 2016. Despite falling prices, FAO officials have repeatedly warned in recent months that fuel supply issues and other market uncertainties threaten many of the world’s poorest countries. The next FAO index is due to be released on 5 May.
World News Desk!!!