January 1, Food Costs Have Drastically Increased

If it feels like food prices have spiked, it’s because they have.

The UN Food and Agriculture Organization’s (FAO) Food Price Index, which tracks month-to-month changes in international food prices, averaged 159.3 points in March — up 12.6% from February.

The organization’s data in February showed that the index reached its highest level since its inception.

According to the FAO, Russia’s invasion of Ukraine is a major contributor to the massive 17.1% spike in the price of grains.

The price index for vegetable oils jumped 23.2%. The FAO noted that the increase was “driven by higher quotations for sunflower seed oil, of which Ukraine is the world’s leading exporter.”

Source:

Russian invasion of Ukraine fuels record food prices