Food prices hit record highs across the globe in March, edible oils up record: FAO

Food prices at record high

According to the report of World Food Price FAO, in the month of March, the inflation rate of food grains for the whole world has registered 17 percent. While there has been an increase of 23 percent in the inflation rate for edible oils, there is a possibility of further increase in prices due to Russia-Ukraine crisis.

Russia Ukraine crisis ,Russia Ukraine Crisis) caused by worldwide food inflation (food inflation) A new record level has been reached. The UN Food Agency gave this information. Food and Agriculture Organization (Food and Agriculture Organization) That is, according to the FAO report, due to the rise in the prices of major cereals and edible oils, there has been an increase in the food inflation rate. The report said that the crisis between Russia and Ukraine has seen a major negative impact on the food markets, affecting the supply of food, which has led to a rise in prices. According to the report, the FAO Food Price Index has registered an increase of 13 percent. The index covers the most commonly bought or sold commodities across the globe.

Where did the world’s food inflation reach

According to the report, the index is at a level of 159.3 in March, which is a new record level. At the same time, the index for February has been revised to 141.4 from the level of 140.7. At the same time, the inflation rate of food grains for the world has reached a new high with a rise of 17 percent in March. Along with this, there has been an increase of 23 percent in the inflation rate for edible oils in the month of March, which is also the new highest level of inflation for edible oils. Along with this, there was a sharp increase in the prices of sugar and milk products. The report said that Russia and Ukraine are the main exporters of wheat, maize barley and sunflower oil and that food exports from Ukraine have stopped because of the war. Due to which the supply has been affected. In a separate report last month, the FAO estimated that the Russia-Ukraine crisis could see food prices rise by 20 percent, raising the risk of starvation in poor countries.

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