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Food costs surged to new file excessive in March: U.N. company

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FAO’s meals worth index averaged 159.3 factors final month versus 141.4 for February

FAO’s meals worth index averaged 159.3 factors final month versus 141.4 for February

World meals costs jumped to a brand new file excessive in March because the warfare in Ukraine induced turmoil in markets for staples grains and edible oils, the U.N. meals company mentioned on Friday.

The Food and Agriculture Organization’s (FAO) meals worth index, which tracks essentially the most globally-traded meals commodities, averaged 159.3 factors final month versus an upwardly revised 141.4 for February.

The February determine was beforehand put at 140.7, which was a file on the time.

Russia and Ukraine are each main exporters of wheat, corn, barley and sunflower oil by way of the Black Sea, and Moscow’s six-week-old invasion of its neighbour has stalled Ukrainian exports.

FAO warned final month that meals and feed costs might rise by as much as 20% because of the battle in Ukraine, triggering a bounce in world malnourishment.

The company additionally lower its estimate of world wheat manufacturing in 2022 to 784 million tonnes on Friday from a forecast of 790 million final month because it factored within the risk that not less than 20% of Ukraine’s winter crop space wouldn’t be harvested.

It lowered its projection of worldwide cereals commerce within the 2021/22 advertising yr as disruption to Black Sea exports have been seen as solely being partially offset by elevated exports from India, the European Union, Argentina and the United States.

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