The FAO price index fell in March for a 12th consecutive month and is now down 20.5% from a record high hit one year ago following Russia’s invasion of Ukraine, according to Reuters.
The Food and Agriculture Organization’s (FAO) price index, which tracks the most globally traded food commodities, averaged 126.9 points last month against 129.7 for February, the agency said on Friday. It was the lowest reading since July 2021.
The FAO’s price index showed an average of 126.9 points last month against 129.7 for February, the lowest reading since July 2021.
The February reading was originally given as 129.8.
A combination of ample supplies, subdued import demand, and the extension of a deal allowing the safe export of Ukrainian grain via the Black Sea contributed to the drop, FAO said. The Rome-based agency said the decline in the index reflected lower prices for cereals, vegetable oils, and dairy products, which offset rises in sugar and meat prices.
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