The price of food products decreased in the global market last February. As a result, the market has been in downward trend for 11 consecutive months. According to the Food and Agriculture Organization of the United Nations (FAO), the food index in February was 129.8 points, which is 0.6 percent lower than in January. Even 18.7 percent lower than the peak price of last March. The prices of rice, dairy products, edible oil, etc. have decreased in the world market last month, but the prices of sugar and wheat have increased.
According to FAO, prices for edible oil decreased by 3.2% last month. Almost all edible oils, including palm, soybean, sunflower, and rapeseed oils, are cheaper right now. Moreover, dairy costs decreased by 2.7% in February compared to January. On the other hand, sugar prices increased 6.9% last month, the highest in six years. According to industry analysts, the rise in Ukraine’s supply is one of the factors contributing to the recent decline in food prices on the global market.
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