Food prices rose for the 10th month in a row

Global food commodity prices rose in March, the Food and Agriculture Organization of the United Nations (FAO) reported. Vegetable oils and dairy products led in the agency's index. FAO said global food prices rose for the 10th month in a row.
The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, averaged 118.5 points in March. This figure is 2.1% higher than in February and reaching its highest level since June 2014. Trends varied by commodity types. March saw vegetable oil prices rise to 8.0% from the previous month to hit a nearly 10-year high. Soy oil prices are rising sharply due in part to the prospects of firm demand from the biodiesel sector, the food agency said.
Meanwhile, the FAO Dairy Price Index increased 3.9% from February, with butter prices buoyed by somewhat tight supplies in Europe associated with increased demand in anticipation of a foodservice sector recovery. FAO said milk powder prices also rose, supported by a surge in imports in Asia, particularly China. FAO said this due to declining production in Oceania and scarce shipping container availability in Europe and North America. (Image from Unsplash)