Food price index hit record high in February – FAO reports

Rome, March 4 (Prensa Latina) The FAO Food Price Index (FFPI), which tracks the international prices of items such as vegetable oils and dairy products, averaged 140,7 points last month, or nearly 4% up from January, the UN Food and Agriculture (FAO) reported Friday.

March 4, 2022
19:45

In February, the FFPI averaged 3.9% higher than in January, and 24.1% over the level a year earlier, FAO said.

Plus, in February, there was also an increased cereal and meat prices, while sugar sub-index values dipped for the third month in a raw.

According to FAO´s monthly report, the FFPI in cereals averaged 3% more than in January and 14.8% higher than the same period in 2021.

Vegetable oils were quoted 8.5% higher, leading to record in February, mainly due to the rise in palm, soybean and sunflower oil prices.

Dairy products, on the other hand, averaged an increased 6.4% in February, rating the FFPI by 24.8% above the value of the same month in 2021, due to the growing shortage in world markets due to lower-than-expected milk supplies in Western Europe and Oceania.

Similarly, the meat cost scaled up 1.1% compared to January and placed FFPI by 15.3% above the level a year ago.

Regarding sugar price index, it dropped 1.9% from January, considered the third monthly decline in a raw and lowest level since July 2021.

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