Global Food Prices Continue to Rise in February - FAO Releases Food Price Index

FAO has released the latest global Food Price Index, citing a 1% increase in food prices in February. Despite this increase, the Food Price Index for February remains 10% below its peak in February 2011.

For grains, international wheat prices rose the most due to tightening supplies and worries over the impact of severe cold weather in the EU. Maize prices also rose, in part because of stronger import demand from Asia and concerns about crops in South America. Soybeans also increased due to lower production forecasts for soy oil. Rice prices generally remained lower thanks to stiff competition among exporters.