War drives record food prices
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World food prices made a significant leap in March to reach a record level as the war in Ukraine spreads shock waves through commodity markets for staple grains and vegetable oils

Food and Agriculture Organization food price index (points)
 
Vegetable oil
Cereals
Dairy
Sugar 
Meat

Feb-Mar: Vegetable oil rises 23.3%, driven by sunflower oil
Mar 27-Apr 4: Price of sunflower oil reaches €2,120 / tonne

Feb-Mar: World cereal prices soar by 17.1%. Corn hits €352/tonne

Feb-Apr: Invasion cuts off estimated 16 million tonnes of corn and 14 million tonnes of wheat from global supply

250 200 150 100 50
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

162.2 248.6
126.2 170.1
119.1 145.2
104.3 120.0
100.0 117.9


Global export shares* (before invasion)		Ukraine Russia

WHEAT 29%
10% 19%

CORN 17.3%
15% 2.3%

BARLEY 32%
15% 17%

SUNFLOWER OIL 75%
50% 25%


*Export shares averaged from 2017 to 2021 (farmdoc daily)


Sources: FAO, Mintec Category Index, Reliefweb
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