According to FAO, world food prices fell by 20% for the year

In March, the average value of the FAO food price index decreased compared to February by 2.1% or 2.8 points to 126.9 points, the organization's press service reports.

Prices have been falling for 12 months in a row, after peaking in March 2022. Over the year, the average value of the FAO food price index decreased by 20.5% or 32.8 p. In March, the prices of cereals, vegetable oils and dairy products decreased the most, while the prices of sugar and meat increased.

The average value of the grain price index decreased compared to February by 5.6% or 8.2 points to 138.6 points, which is 18.6% or 31.6 points lower than in March 2022. In March, world prices decreased for almost all major grain crops, and the most (by 7.1%) - for wheat against the background of significant global reserves and increased competition among exporters. The continuation of the grain agreement, which will allow Ukraine to intensify supplies from the Black Sea ports, the increase in production forecasts for Australia, and the improvement of the condition of winter grain crops in the EU also contributed to the drop in prices. Increasing competition from the Russian Federation, where prices are falling against the background of a significant volume of offers, is also putting pressure on global quotations.

The average value of the price index for vegetable oils decreased by 3% or 4.1 points compared to February to 131.8 points, which is 47.7% lower than in March 2022, as a significant decrease in the prices of soybeans, rapeseed and sunflower oil was more than compensated by the growth of global palm oil quotations.