Food Costs Have Drastically Increased
If it feels like food prices have spiked, it’s because they have.
The UN Food and Agriculture Organization’s (FAO) Food Price Index, which tracks month-to-month changes in international food prices, averaged 159.3 points in March — up 12.6% from February.
The organization’s data in February showed that the index reached its highest level since its inception.
According to the FAO, Russia’s invasion of Ukraine is a major contributor to the massive 17.1% spike in the price of grains.
The price index for vegetable oils jumped 23.2%. The FAO noted that the increase was “driven by higher quotations for sunflower seed oil, of which Ukraine is the world’s leading exporter.”