World food prices jumped to a new record high in March as the war in Ukraine caused turmoil in markets for staple grains and edible oils, the United Nations food agency said Friday.
The Food and Agriculture Organization's (FAO) food price index, which tracks the most globally traded food commodities, averaged 159.3 points last month versus an upwardly revised 141.4 for February.
The February figure was previously put at 140.7, which was a record at the time.
Russia and Ukraine are both major exporters of wheat, corn, barley and sunflower oil via the Black Sea, and Moscow's six-week-old invasion of its neighbor has stalled Ukrainian exports.
The disruption in export flows resulting from the Feb. 24 invasion and international sanctions against Russia has spurred fears of a global hunger crisis, especially across the Middle East and Africa, where the knock-on effects are already playing out.
FAO warned last month that food and feed prices could rise by up to 20% as a result of the conflict in Ukraine, triggering a jump in global malnourishment.
"World food commodity prices made a significant leap in March to reach their highest levels ever, as war in the Black Sea region spread shocks through markets for staple grains and vegetable oils," the FAO said in a statement.
The agency also cut its estimate of world wheat production in 2022 to 784 million tons on Friday from a forecast of 790 million last month as it factored in the possibility that at least 20% of Ukraine's winter crop area would not be harvested.
It lowered its projection of global cereals trade in the 2021/22 marketing year as disruption to Black Sea exports was seen as only being partially offset by increased exports from India, the European Union, Argentina and the United States.
Famine fears
Russia and Ukraine together accounted for around 30% and 20% of global wheat and maize exports respectively, over the past three years, the FAO said.
The war continues to rage as sowing season has started in Ukraine.
Wheat prices rose by almost 20%, with the problem exacerbated by concerns over crop conditions in the U.S., the organization said.
The FAO's vegetable oil price index surged by 23.2% driven by higher quotations for sunflower seed oil, of which Ukraine is the world's leading exporter.
Spanish supermarkets have rationed the sale of sunflower oil to stop customers stockpiling over shortage fears due to the war.
The U.S. has accused Russian President Vladimir Putin of creating "this global food crisis."
France has warned that the war has increased the risk of famine around the world.
The conflict has also sent oil and gas prices through the roof, causing inflation to rise further across the world and raising concerns that it could derail global economic growth.