NewsNational NewsRussia-Ukraine-Conflict

Actions

Food prices soaring due to war in Ukraine, UN says

Onions
Posted at 9:47 AM, Apr 08, 2022
and last updated 2022-04-08 20:24:01-04

The United Nations says prices for world food commodities like grains and vegetable oils have reached their highest levels ever because of Russia's war in Ukraine.

The U.N. Food and Agriculture Organization said Friday that its Food Price Index, which tracks monthly changes in international prices for a basket of commodities, averaged 159.3 points last month, up 12.6% from February.

As it is, the February index was the highest level since its 1990 inception. FAO says the war in Ukraine was largely responsible for the 17.1% rise in prices for grains, including wheat.

The biggest price increases were for vegetable oils: that price index rose 23.2%,

Ukraine is the number 1 exporter of sunflower oil, followed by Russia.

Russia and Ukraine together account for around 30% and 20% of global wheat and corn exports, respectively.