[Young Journalist Jacob Siyun Sung] According to the Ministry of Agriculture, Food and Rural Affairs, the Food and Agriculture Organization’s (FAO) global food price index reported a 2.4% increase from March. Prices of grains, vegetable oils, meat, dairy products, and sugar all increased.

The index is calculated based on average prices from 2014 to 2016 set at 100. Although it declined for five consecutive months until January, it rebounded in February and continued its upward trend in March.

The grain price index rose by 1.5% from the previous month to 110.4. International wheat prices also increased by 4.3% due to drought conditions in the United States and rising fertilizer prices in Australia. Corn prices rose by only 0.9%, as global supply remained relatively ample) despite concerns over high fertilizer costs ahead of the Northern Hemisphere planting season and increased ethanol demand driven by higher energy prices.

The meat price index recorded 127.7, up 1.0% from the previous month. Pork prices led the increase due to seasonal demand in the European Union, while beef prices also rose due to reduced export availability from Brazil. In contrast, poultry prices slightly declined due to sufficient supply within Brazil.

The dairy price index rose by 1.2% to 119.4. After a steady decline since July last year, dairy prices rebounded due to increases in skim milk powder, whole milk powder, and butter prices.

Vegetable oil and sugar price indices saw relatively sharp increases. The vegetable oil price index rose by 5.1% to 183.1. Palm oil prices reached their highest level since mid-2022 due to rising crude oil prices and decreased production in Malaysia, surpassing soybean oil prices. Sunflower oil and rapeseed oil also showed upward trends due to supply constraints in the Black Sea region and expectations of increased demand driven by higher energy prices.

The sugar price index rose by 7.2% to 92.4. A key factor was the expectation that Brazil would allocate more sugarcane to ethanol production rather than sugar due to rising crude oil prices. Additionally, concerns over trade disruptions caused by escalating conflicts in the Middle East also pushed prices higher.

▶원문 기사: 세계 식량가격지수 2.4% 올라…곡물·유지류·육류 가격↑
 

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