Food prices rise by 24.1%

“In a statement, cited by the EFE agency, the United Nations (UN) highlighted that the vegetable oil price index, which increased 8.5% compared to the previous month, contributed to this evolution. The low prospects for soybean production in South America and concerns about the reduction in sunflower oil exports, penalized by disturbances in the Black Sea, also justified the record level. In turn, the FAO dairy price index increased by 6.4% in January, driven by milk supply in Western Europe and Oceania”, he comments.

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Furthermore, the cereal price index increased by 3% compared to January, due to the increase in grain prices. “On Thursday (03/03), wheat and corn prices rose by more than 20 euros in European markets, with Russia's invasion of Ukraine preventing Kiev from exporting cereal grains. Wheat and corn milling registered a new price increase in the European market, closing at 381.75 euros and 379 euros per ton in the March deadlines, respectively, with the war in Ukraine causing fears about the supply of grains. The meat price index, in turn, rose 1.1% in relation to January, with international beef prices reaching a new record”, he concludes.

By: Leonardo Gottems | agrolink