May 23, 2022

The prices of food items have come down in the world last month

Russia-Ukraine conflict has pushed up food prices around the world. Prices rose to record levels last March. However, the news of some relief is that the price of food has come down a bit in the last month of April. However, due to the war, the price of food is still very high. The Food and Agriculture Organization of the United Nations (FAO) said in a statement on Friday. News AFP.

International sanctions were imposed on Russia after the February 24 invasion of Ukraine. As a result, imports are disrupted, raising fears of a global food crisis.

Russia and Ukraine are among the world’s largest grain producers. The two countries export various types of food items including wheat, vegetable oil and maize.

The FAO said in a statement that prices rose 0.7 percent in April from a record high in February and March, following a record rise in their food index. This index is published monthly with the international prices of various food products.

Maximo Torrero Cullen, chief economist at the FAO, said the index was a bit of a relief, especially for low-income countries with food shortages. But food prices are still too high, reflecting existing market conditions and posing a challenge to global food security for the poorest people.
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Vegetable oil has played a role in lowering the FAO index. In April, the price of this oil fell by 5.6 percent. Although the FAO says that the price of vegetable oil is still very high. This is because there is uncertainty about the export of this oil to countries other than Indonesia. Indonesia is the world’s top exporter of palm oil.

Indonesia announced a halt to palm oil exports two weeks ago. In the oil crisis, vegetable oil prices have reached new heights in Indonesia itself. The price could rise further in the wake of the Ukraine war and global warming.