Apr 08, 2024

Food prices halt seven-month decline

Posted Apr 08, 2024 9:55 PM

The United Nations Food and Agricultural Organization’s Food Price Index was 118.3 points in March, up 1.1 percent from its revised February level. The rise in prices was driven by higher price indices for vegetable oils, dairy products, and meat.

That slightly more than offset decreases in those for sugar and cereals. Before the uptick in March following a seven-month-long decline, the index was down almost 10 points from the same time last year. The biggest rise was in the Vegetable Oil Price Index, which averaged 130.6 points in March, up eight percent from February, and reached its highest average in a year.

The biggest drop was in the Sugar Price Index, which averaged 133.1 points in March, down 5.4 percent from February after two consecutive monthly increases. However, it’s still 6.1 points above its value from a year ago.