FAO's food price index, which tracks international prices of the most traded food commodities on a monthly basis, averaged 126.9 points in march 2023, down 2.1% from the previous month and 20.5% below its march 2022 peak.

The FAO cereal price index declined by 5.6% from february, with international wheat prices falling by 7.1%, as they came under downward pressure from a large production in Australia.

World maize prices fell 4.6%, due in part to expectations of a record crop, while rice prices were down 3.2% in the face of ongoing or impending harvests in major exporting countries.

The FAO vegetable oil price index averaged 3.0% lower than the previous month and 47.7% below its march 2022 level, as abundant global supply and sluggish global import demand put downward pressure on soybean, rapeseed and sunflower oil quotations.

The FAO Dairy Price Index declined by 0.8% in march. Butter prices increased due to strong import demand, while cheese prices decreased due to slower purchases by most major importing countries in Asia, as well as increased availabilities in major exporting countries.

Translated by: A.M