NEW DELHI: According to the UN Food and Agriculture Organization (FAO), the benchmark index for global food prices rose in February, reaching an all-time high, led by vegetable oils and dairy products.
The FAO Food Price Index averaged 140.7 points in February, up 3.9% from January, 20.7% higher than a year ago, and 3.1 points higher than in February 2011. The Index tracks monthly changes in international food commodity prices. The FAO Vegetable Oils Price Index led the increase, rising 8.5% from the previous month to a new high, owing primarily to higher quotations for palm, soy, and sunflower oils. The sharp increase in the vegetable price index was primarily driven by sustained global import demand, which coincided with a few supply-side factors, such as reduced export availability of palm oil from Indonesia, the world's leading exporter, lower soybean production prospects in South America, and concerns about lower sunflower oil exports due to Black Sea disruptions.
The FAO Dairy Price Index was 6.4% higher in February than in January, owing to lower-than-expected milk supplies in Western Europe and Oceania, as well as persistent import demand, particularly from North Asia and the Middle East.
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