PARIS, April 8 (Reuters) – Global food prices jumped nearly 13% in March to a new record as war in Ukraine caused turmoil in grain and vegetable oil markets, the Reuters said on Friday. Food and Agriculture Organization of the United Nations (FAO).
Its food price index, which reflects the evolution of the prices of the main foodstuffs traded in the world, reached an average of 159.3 points last month, against 141.4 points in February (140.7 in first estimate).
The rise in prices is explained by the record levels reached by the sub-indices of vegetable oils, cereals and meat and by the increase in those of sugar and dairy products.
The cereal price index climbed 17% in March, while the vegetable oil price index jumped 23%, according to the FAO.
Russia and Ukraine are major exporters of wheat, corn, barley and sunflower oil. The Russian invasion, which has blocked exports from the Black Sea region for six weeks, has accentuated the rise in food prices.
DOWNWARD REVISED FORECAST
The UN agency, which predicts that at least 20% of the areas planted in winter will not be harvested due to direct destruction, difficulty of access or lack of resources, has slightly lowered its forecast for the production of wheat in 2022 to 784 million tonnes, against a previous estimate of 790 million.
The forecast for world grain trade in 2021-22 has been cut by 14.6 million tonnes since last month to 469 million tonnes.
World grain stocks are expected to increase by 2.4% at the end of 2021-22 and reach nearly 851 million tonnes, says the FAO, which says export disruptions will lead to higher stocks in Ukraine and Russia. .
In March, the FAO warned of a rise in world food prices of up to 20% in the wake of the war in Ukraine and warned of a foreseeable increase in malnutrition on a global scale. (Report Gus Trompiz, French version Anait Miridzhanian, edited by Jean-Michel Bélot)