The Global Food Price Index consists of five categories, namely dairy products, meat, vegetable oils, sugar and grains.
The food price index rose the most in the vegetable oil price index, which rose by 8.5% month-on-month. This is because of the rising prices of soybean oil, sunflower oil and palm oil, of which the supply of sunflower oil has become an important factor, as about 80% of the global export volume of sunflower oil is exported by Russia and Ukraine.
The dairy product price index rose for the sixth consecutive month, up 6.4% month-on-month. The main producing country, New Zealand, has been affected by the cold and drought, which has led to a decline in the production of raw milk. Coupled with the impact of the epidemic, and the global feeding cost situation is still deteriorating and rising, the supply of dairy products is tight.
The meat price index rose 1.1% month-on-month due to supply issues.
The cereal price index rose 3% month-on-month. Wheat and corn prices both rose. Inventories in several wheat exporting countries have fallen, while the conflict between Russia and Ukraine has exacerbated supply problems, as Russia and Ukraine account for more than 20% of global corn exports and 30% of global wheat exports.
The only category that fell was the sugar price index, which fell 1.9% from the previous month. Benefit from a brighter production outlook in Thailand and India.
Food is the basis for human survival, and the current high food prices will undoubtedly hurt people in poor countries even more. Moreover, this index does not fully reflect the rising trend of food prices brought about by the situation in Russia and Ukraine, because the prices of various commodities have soared since the end of February. And the Chicago Board of Trade wheat futures, which soared 41% last week, rose by the limit again on Monday, further suggesting that worse conditions may be ahead.
Source: Jinshi Data
