After recovering from a coronavirus dip in early 2020, the global FAO Food Price Index has risen quite steadily, reaching a new all-time high of 140.7 point in February 2022.
Rising 8.5 percent, the vegetable oil sector was the priciest in the index. Prices for palm, soy and sunflower oil surged due to falling production and export projections. Concerning sunflower oil, the Russian war in Ukraine already influenced prices in February as both countries are major producers.
The invasion also drove up prices for cereals, especially wheat, but despite the new record, the consequences of the conflict are expected to only be fully visible in wholesale food prices in March and the following months.
Unrelated to the situation in Ukraine, worldwide dairy prices increased due to demand from Asia and the Middle East. Meat prices only rose slightly while sugar prices declined.
This chart shows the UN Global Food Price Index.
