World food prices reached a record high in February

According to the Food and Agriculture Organization of the United Nations, world food prices in February reached a historic record.

The food price index in February was 140.7 points, which is 3.9% higher than in January. Compared to February last year, the indicator increased by 24.1%. It is noted that the most significant increase was demonstrated by the prices of vegetable oils and dairy products.

The price index for vegetable oils increased by 8.5% compared to January and became a record - mainly due to the increase in quotations of palm, soybean and sunflower oils. The price index for dairy products in February increased by 6.4% compared to its January value. The grain price index increased by 3%. International rice prices increased by 1.1%, wheat prices increased by 2.1%. The meat price index increased by 1.1% compared to January.

The only product that showed a decrease in cost is sugar. The sugar price index decreased by 1.9% – against the background of favorable harvest forecasts in the main exporting countries (India, Thailand, Brazil).

In general, experts are concerned about the current rise in food prices around the world. One of the reasons for this, they call the unsatisfactory condition of crops and insufficient amount of export stocks. In addition, even stronger price increases are fueled by factors unrelated to production, namely, the situation in the energy sector, fertilizer and feed production.