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World food prices almost 8.2% higher than a year ago — FAO

The FAO Cereal Price Index continues to rise, up 0.7% from January, but 1.1% lower than in February last year

ROME, March 7. /TASS/. The Food and Agriculture Organization of the United Nations (FAO) food price index averaged 127.1 points in February, up 1.6% from January and 8.2% from the same period last year.

The February FAO index, which tracks monthly changes in world prices for a range of staple foods, remains more than 20% below its March peak. The main drivers of the current increase are increases in the prices of sugar, dairy products, and vegetable oils.

The FAO Cereal Price Index continues to rise, up 0.7% from January, but 1.1% lower than in February last year. The rise in wheat export prices was due to a reduction in domestic supplies to Russia, which has limited export volumes and led to demand from other suppliers, which is putting pressure on world prices, the FAO said in a statement. An additional factor driving up prices was concern about unfavorable harvest conditions in parts of Europe, Russia, and the United States.

The FAO milk price index rose 4% in February from January and is 23.2% higher than a year ago. The FAO Sugar Price Index rose by 6.6% in February compared to January. However, it had been declining for the previous three months and remains 15.8% below the level of February last year, the FAO said.

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