Ukraine’s crisis boosts global food prices
(VOVworld) – Global food prices rose to a 10-month high in March due to bad weather in the United States and Brazil and tensions in Ukraine, the United Nations Food and Agriculture Organization (FAO) said on Thursday.
|
Weather conditions and tensions in Ukraine contributed to the surge in food prices in March 2014. (Photo: FAO) |
The FAO’s Food Price Index has increased 2.3 per cent since February to 212.8 points, the highest level since last May. Sugar topped the list of food price hikes, followed by grains. The rising grain price reflects market concerns about suppliers in Ukraine, a leading grain producer and major exporter to North Africa. The FAO lowered its forecast of global grain output to 702 million tons this year, down 2 tons from its previous forecast. However, rice production is expected to expand 0.8 per cent to 500 million tons.