Global prices for basic foodstuffs like cereals, sugar and vegetable oils are higher than ever, according to statistics published by the U.N.’s Food and Agriculture Organization (FAO) on Friday.
Russia’s invasion of Ukraine, a food exporting powerhouse, has severely affected commodity markets, and sparked fears of a food crisis in parts of Africa and the Middle East.
The FAO’s Food Price Index, which monitors price fluctuations of the most-traded food commodities like wheat and sunflower oil, was 12.6 percent higher in March compared with February. That is “driven by large rises in wheat and all coarse grain prices largely as a result of the war in Ukraine,” the FAO said.
February’s figures already showed world food prices were at a record high.
“World wheat prices soared by 19.7 percent during the month, exacerbated by concerns over crop conditions in the United States of America,” according to the U.N. body.