The FAO Food Price Index, which tracks monthly changes in international prices of the most commonly traded food commodities, averaged 127.1 points in March, up from a revised 126.8 in February.
Vegetable oil prices led the monthly rise, with the FAO sub-index climbing 3.7%, reflecting strong import demand for palm, soybean, rapeseed, and sunflower oils. On an annual basis, vegetable oil prices were up 23.9%.
The FAO Rice Price Index slipped 1.7% month-on-month, amid weak import demand and ample export supplies.
In a separate report, the FAO slightly raised its estimate for global cereal production in 2023 to 2.849 billion tonnes, up from a previous forecast of 2.842 billion tonnes.
The agency maintained its forecast for global wheat production in 2024 at 795 million tonnes, roughly unchanged from the previous year.
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