Food prices soar to record levels on Ukraine war disruptions – CARICOM Business
Prices for food commodities like grains and vegetable oils reached their highest levels in February largely because of Russia’s war in Ukraine and the “massive supply disruptions” it is causing. The FAO said its Food Price Index, which tracks monthly changes in international prices for a basket of
commodities, averaged 159.3 points last month, up 12.6% from February.
As it is, the February index was the highest level since its inception in 1990. FAO said the war in Ukraine was largely responsible for the 17.1% rise in the price of grains, including wheat and others like oats, barley and corn.
Together, Russia and Ukraine account for around 30% and 20% of global wheat and corn exports, respectively. The biggest price increases were for vegetable oils: that price index rose 23.2%, driven by higher quotations for sunflower seed oil that is used for cooking.