Prices of food globally have increased in March as the war in Ukraine continues to add strain to global grain supply.
According to the United Nations’ Food and Agriculture Organization, the current increase follows to a record high in February, Market Watch reports.
The FAO’s Food Prices Index also revealed that there is a surge in most commonly-traded food commodities with a measure of them, rising from 159.3 points in March from February’s revised figure of 141.4.
Interestingly, it has been recorded as the highest level since the index was developed in 1990.
Considering the uncertainty surrounding grain exports from Russia and Ukraine, the index has also revealed that the increase has been driven by higher grain prices, with the FAO’s cereal index moving 17.1% higher month on month.
The FAO has also disclosed that Russia and Ukraine accounted for 30% of global wheat exports and 20% of corn over the last three years.
