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World Escalation in Food Prices Moderating

 04/10/2023

On April 10th the United Nations Food and Agricultural Organization published the Index of Food Commodities for March 2023.  A sequential 12-month reduction in food prices is evidenced by the 20.5 percent decrease from the peak in March 2022 to 126.9. The index was down 2.1 percent from February 2023.

 

Lower component indices were recorded for:-

  • Cereal Index down 5.6 percent from February,
  • Vegetable Oil Index, down 3.0 percent from February and 47 percent from March 2022.

  • Dairy Index down 0.8 percent from the previous month
  • Meat index was up 0.5 percent from February despite projected lower prodution in the U.S and the effect of losses due to avian influenza.

Extension of the Black Sea Agreement reduced concern over availability of grains and oilseeds and contributed to a moderation in prices for commodities.