Paris: According to the Food and Agriculture Organization (FAO), its Food Price Index, which monitors changes in a basket of internationally traded food commodities, averaged 128.5 points in March. This marks a 2.4 per cent increase from its revised February level.
The rise, while notable, remains moderate so far. Maximo Torero, FAO’s Chief Economist, stated that the increase has been driven primarily by higher oil prices following the escalation of conflict in the Middle East. However, the impact has been partially offset by strong global grain supplies.
Despite the current stability, the FAO has flagged potential risks ahead. Torero cautioned that if the conflict persists beyond 40 days and production costs remain elevated, farmers worldwide may respond by reducing input use, scaling down planting areas, or shifting crop choices.
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