FAO Food Price Index, January 1961 - February 2022. In February 2022, the FAO Food Price Index (FFPI), averaged 140.7 points, up 5.3 points (3.9 percent) from January and as much as 24.1 points (20.7 percent) above its level in the previous year. This represents a new all-time high, exceeding the previous top of February 2011 by 3.1 points. The February rise was led by large increases in vegetable oil and dairy price sub-indices. Cereals and meat prices were also up, while the sugar price sub-index fell for the third consecutive month. Graphic: FAO
FAO Food Price Index, January 1961 – February 2022. In February 2022, the FAO Food Price Index (FFPI), averaged 140.7 points, up 5.3 points (3.9 percent) from January and as much as 24.1 points (20.7 percent) above its level in the previous year. This represents a new all-time high, exceeding the previous top of February 2011 by 3.1 points. The February rise was led by large increases in vegetable oil and dairy price sub-indices. Cereals and meat prices were also up, while the sugar price sub-index fell for the third consecutive month. Graphic: FAO

4 March 2022 (FAO) – The FAO Food Price Index (FFPI) averaged 140.7 points in February 2022, up 5.3 points (3.9 percent) from January and as much as 24.1 points (20.7 percent) above its level a year ago.

This represents a new all-time high, exceeding the previous top of February 2011 by 3.1 points. The February rise was led by large increases in vegetable oil and dairy price sub-indices. Cereals and meat prices were also up, while the sugar price sub-index fell for the third consecutive month.

Cereal prices

The FAO Cereal Price Index averaged 144.8 points in February, up 4.2 points (3.0 percent) from January and 18.7 points (14.8 percent) from one year ago.

In February, prices of all major cereals increased from their respective values last month.

World wheat prices increased by 2.1 percent, largely reflecting new global supply uncertainties amidst disruptions in the Black Sea region that could potentially hinder exports from Ukraine and the Russian Federation, two major wheat exporters. Coarse grain export prices also rose by 4.7 percent.

FAO Food Price Index (left) and FAO Food Commodity Price Indices (right), January 2021 - February 2022. Graphic: FAO
FAO Food Price Index (left) and FAO Food Commodity Price Indices (right), January 2021 – February 2022. Graphic: FAO

World maize prices increased by 5.1 percent month-on-month, underpinned by a combination of continued crop condition concerns in Argentina and Brazil, rising wheat prices, and uncertainty regarding maize exports from Ukraine, a major exporter.

Among other coarse grains, both sorghum and barley export prices firmed month-on-month as well, gaining 5.9 and 2.7 percent, respectively.

International rice prices increased by 1.1 percent in February, primarily sustained by the appreciation of currencies of some exporters against the US dollar and strong demand for fragrant rice from Near East Asian buyers.

Vegetable oil prices

The FAO Vegetable Oil Price Index averaged 201.7 points in February, up 15.8 points (8.5 percent) month-on-month and marking a new record high.

The continued price strength mostly stemmed from rising palm, soy, and sunflower oil prices.

In February, international palm oil prices increased for the second consecutive month due to the sustained global import demand that coincided with reduced export availabilities from Indonesia, the world’s leading palm oil exporter.

In the meantime, world soyoil values continued to rise on deteriorating soybean production prospects in South America. International sunflower oil prices also increased markedly, underpinned by concerns over the disruptions in the Black Sea region, which could potentially lower exports. Surging crude oil prices also lent support to the vegetable oil complex. [more]

The FAO Food Price Index rises to a new all-time high in February