War in Ukraine sends global food prices surging to record high

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Workers plow wheat in Husakiv village in western Ukraine late last month. Russia and Ukraine account for a large percentage of global wheat exports. Nariman El-Mofty/AP hide caption

Workers plow wheat in Husakiv village in western Ukraine late last month. Russia and Ukraine account for a large percentage of global wheat exports.

A United Nations agency says the war in Ukraine sent food commodity prices soaring in March to the highest levels it has ever recorded.

The Food and Agriculture Organization announced on Friday that its FAO Food Price Index, which tracks monthly changes in the international prices of a "basket of commonly-traded food commodities," averaged 159.3 points in March. That's up 12.6% from February, which already saw the highest level since the organization began tracking in 1990. It's also 33.6% higher than it was last March.

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The FAO says the war "spread shocks through markets for staple grains and vegetable oils."

Russia and Ukraine collectively accounted for about 30% of global wheat exports and 20% of maize exports over the last three years, the organization said, with conflict-related export disruptions in both countries prompting a surge in global prices of wheat and coarse grain. The FAO Cereal Price Index was 17.1% higher in March than it was in February.

"The expected loss of exports from the Black Sea region exacerbated the already tight global availability of wheat," the organization added. "With concerns over crop conditions in the United States of America also adding support, world wheat prices rose sharply in March, soaring by 19.7 percent."

World food commodity prices reached their highest levels ever in March, as war in #Ukraine spreads shocks through markets.

The @FAO Food Price Index averaged 159.3 points in March, up 12.6% from Feb 2022 and was 33.6% higher than in March 2021.