World food prices are declining throughout the year

The Cereal Price Index was down 5.6% from February, with global wheat prices down 7.1%, driven by high production in Australia, improved planting conditions in the EU, strong supplies from RUSSIA and continued exports from Ukraine, the report says. World prices for corn decreased by 4.6%, for rice - by 3.2%.

The FAO Vegetable Oil Price Index was on average 3% lower than the previous month and 47.7% lower than March 2022 levels. The reason was large global reserves and restrained global demand. “Although prices have fallen globally, they are still very high and continue to rise in domestic markets, creating additional challenges for food security,” said FAO Chief Economist Maximo Torero, quoted in the message. — This is especially true for developing countries that are net food importers. The situation is exacerbated by the depreciation of their currencies against the US DOLLAR or the euro and the growing debt burden.”

The price index for dairy products in March decreased by 0.8%. Butter prices rose due to robust import demand, while cheese prices declined due to slower buying from most of Asia's top importers, as well as increased affordability from top exporters, the report said. The SUGAR price index for the month rose by 1.5% to the highest level since October 2016.

The MEAT price index increased by 0.5%. International bovine quotations were boosted by higher US domestic prices on expectations of reduced supplies going forward, while pork prices rose on increased demand in Europe ahead of the holidays. Despite outbreaks of avian influenza in several major exporting countries, global poultry prices have declined for the ninth consecutive month due to falling global import demand.