Adjusted for inflation, FAO’s Food Price Index rose over 2 percent from February and was up 25 percent YOY. This was the tenth straight month of gains for the price index.
For 2021 through March, food prices are up 17 percent year on year (YOY). Gains in the last month were mostly seen for oils, meat, and dairy subindexes. Both the dairy and oils indexes have seen month-on-month (MOM) gains for the last ten months.
Vegetable oils rose 8 percent in March, which was also its tenth straight month of YOY gains. The subindex is up 83 percent YOY. Tropical oils have supported the index, as has increased demand for soybeans and soybean products—further supported by a potential recovery in demand for biofuel manufacturing.