Food Prices Down 2.1% for a Year... Meat and Sugar Prices Rise

Recorded 126.9, down 2.1% from February
Cereal price index fell 5.6%

As grain prices have fallen sharply, global food prices have also been declining for 12 consecutive months. However, meat and sugar prices rose compared to the previous month.

According to the Ministry of Agriculture, Food and Rural Affairs on the 8th, the FAO Food Price Index for March, announced by the United Nations Food and Agriculture Organization (FAO), was 126.9, down 2.1% from the previous month (129.7).

As imported meat prices soar, the price of imported frozen beef has surged by more than 55% compared to last year, increasing the burden of food costs on ordinary citizens. On the 29th, a customer visiting the meat section of a large supermarket in Seoul checks the prices. Photo by Yoon Dong-ju doso7@

The global food price index has been declining for 12 months since reaching its peak at 159.7 in March last year.

The FAO surveys international price trends for 24 items and publishes monthly food price indices for five commodity groups: grains, oils, meat, dairy products, and sugar. The index uses the average prices from 2014 to 2016 as the base value of 100 for comparison.

By commodity group, prices for grains, oils, and dairy products fell, while meat and sugar prices rose compared to the previous month.

The meat price index rose 0.8% from the previous month to 113.0. Beef prices increased internationally due to expected reduced supply from the United States. Pork prices rose due to price increases within Europe and increased demand before Easter.

The sugar price index increased 1.5% from the previous month to 127.0. Prices rose as production is expected to decline in India, Thailand, and China, but the increase was limited due to favorable sugarcane harvest forecasts in Brazil.

The grain price index fell 5.6% from the previous month to 138.6. Wheat prices declined as exports from Ukraine continued amid sufficient supply. Corn and rice prices dropped due to harvest season in major producing regions.

The oils price index fell 3.0% to 131.8. Soybean oil prices dropped along with falling soybean prices. Canola oil prices decreased due to sufficient supply, and sunflower oil prices fell due to weakened demand. Palm oil prices rose as production decreased due to poor climate conditions in major Southeast Asian producing areas and Indonesia temporarily suspended export permits.

The dairy price index fell 0.8% to 130.3. Cheese and milk powder prices declined due to weak demand.

This content was produced with the assistance of AI translation services.