World food prices hit an all-time high in March as Russia's invasion of Ukraine caused a "shock" to the markets for basic cereals and vegetable oils, the Food and Agriculture Organization of the United Nations (FAO) said on Friday.
The cessation of export flows resulting from the February 24 invasion and international sanctions against Russia has sparked fears of a global famine, especially across the Middle East and Africa, where the negative effects have already been felt.
Russia and Ukraine, whose vast grain-growing regions are among the world's main suppliers, account for a huge share of the world's exports of many important commodities, such as wheat, vegetable oil and corn.
"World commodity prices made a significant leap in March to reach higher levels than ever before, as the war shocked commodity and vegetable oil markets," the FAO said.
The FAO food price index, which had already hit a record high in February, rose 12,6% last month, "making a huge leap to a new higher level since its inception in 1990."
The index, a measure of the monthly change in the international prices of a food basket, averaged 159,3 points in March. The jump includes new all-time highs for vegetable oils, cereals and meats, the FAO said, adding that sugar and dairy prices "also rose significantly".
Russia and Ukraine together accounted for about 30 percent and 20 percent of world wheat and maize exports, respectively, over the past three years, the FAO said.
Wheat prices have risen by almost 20%, with the problem exacerbated by concerns about growing conditions in the United States, the agency said.
The FAO vegetable oil price index rose 23,2% due to higher prices for sunflower oil, of which Ukraine is the world 's largest exporter.
Spanish supermarkets have restricted the sale of sunflower oil to stop customers from stockpiling due to fears of shortages due to the war.
economytoday.sigmalive.com