Food prices on the international market were almost unchanged in March

The Food and Agriculture Organisation of the United Nations (FAO) food price index, which reflects the evolution of world market prices for five groups: cereals, meat, dairy products, vegetable fats and sugar, increased by 0.2% in March compared with the previous month, the organisation reported.

Food on the international market has appreciated by an average of 6.9 per cent over the year (last month compared to March last year), but has fallen by 20.7 per cent compared to March 2022, when prices were at an all-time high following Russia's invasion of the global agricultural powerhouse Ukraine.

Grain prices fell by an average of 2.6 per cent per month and 1.1 per cent per year.

Pean fat rose by 3.7 per cent per month and 23.9 per cent per year.

Meat products were on average 0.9 per cent more expensive in March than in February, with pork and beef more expensive over the month and poultry prices almost unchanged. Over the year, meat product prices rose by an average of 2.7 per cent.

Dairy prices were almost unchanged on the month, up 19.9 per cent on the year, while sugar was down 1.4 per cent on the month and 12.3 per cent on the year.

The FAO Food Price Index reflects price developments on the international market, but these only partially affect prices in shops and can take time to be felt.