Global food prices are at their highest level in 32 years

Global food prices rose in March by 12.6%, a record high over the past 32 years.

A press release issued by the Food and Agriculture Organization of the United Nations (FAO) noted that “in March 2022, the average value of the FAO Food Price Index (FPI) was 159.3 points, which is 17.9 points or 12.6% higher than it was in February.”

The press release noted that this value showed an unprecedented increase over the index’s entire existence, beginning in 1990.

The statement added that the increase in prices was due to a record rise in the prices of vegetable oils, grains and meat, and a significant increase in the prices of sugar and dairy products.

For example, the vegetable oil price index increased by 23.2%, and the average sugar price index increased by 6.7% compared to February 2022.

 

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