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In March 2024, the value of the FAO Food Price Index (FPI) reached 118.3 points, exceeding the February figure by 1.3 points (1.1%). The rise in prices of vegetable oils, dairy, and meat was partially offset by declines in sugar and grains prices.
Thus, there was a slight increase in the Index in March after seven months of continuous decline. However, it still remains below last year's level by 9.9 points (7.7%).
In March, the average value of the FAO Sugar Price Index decreased after two months of growth, reaching 133.1 points, which is 5.4% lower than the February level but still 4.8% higher compared to the same period last year.
The decline in global sugar prices in March is mainly due to the increased sugar production forecast in India for the 2023-2024 season and the active harvesting of a record sugarcane crop in Thailand towards the end of the season.
A large volume of sugar exports from Brazil is also reducing global prices for this commodity. However, a prolonged drought in Brazil is hindering the decline in sugar prices, worsening the market situation. The impact of seasonal factors is also limited by the rise in global crude oil prices.
