The FAO Food Price Index (FFPI) averaged 128.5 points in March 2026, up 3.0 points (2.4 percent) from its revised February level, marking a second consecutive month of increase. Price indices across all commodity groups—cereals, meat, dairy, vegetable oils and sugar—rose to varying degrees, reflecting not only underlying market fundamentals but also responses to higher energy prices linked to the conflict escalation in the Near East. Compared to historical levels, the FFPI stood 1.2 points (1.0 percent) above its value a year ago but remained as much as 31.7 points (19.8 percent) below the peak reached in March 2022.

The FAO Cereal Price Index averaged 110.4 points in March, up 1.7 points (1.5 percent) from February and 0.7 points (0.6 percent) from its year-earlier level. The increase reflected higher quotations for all major cereals except rice. International wheat prices rose by 4.3 percent, supported by deteriorating crop condition ratings in the United States of America amid drought concerns and expectations of reduced plantings in Australia. World maize prices increased by only 0.9 percent, as ample global availability continued to weigh on markets, despite some support from fertilizer affordability concerns ahead of northern‑hemisphere planting and indirect support from improved ethanol demand prospects linked to higher energy prices.

The FAO Vegetable Oil Price Index averaged 183.1 points in March, up 8.9 points (5.1 percent) from February and marking a third consecutive monthly increase. The index also stood 21.3 points (13.2 percent) above its level one year ago. The continued increase was driven by higher quotations across palm, soy, sunflower and rapeseed oils. International palm oil prices reached their highest level since mid-2022 and moved to a premium over soyoil.

The FAO Meat Price Index averaged 127.7 points in March, up 1.2 points (1.0 percent) from February and 9.4 points (8.0 percent) above its level a year ago. The increase was mainly driven by higher pig meat prices, alongside a modest rise in bovine meat quotations, while ovine and poultry meat prices softened. Pig meat prices surged, underpinned by rising quotations in the European Union ahead of strengthening seasonal demand.

The FAO Dairy Price Index averaged 120.9 points, up 1.5 points (1.2 percent) in March, but remained 27.8 points (18.7 percent) below its level a year earlier. This marked the first increase since July 2025, driven primarily by higher quotations for skim milk powder (SMP), butter, and whole milk powder (WMP), while lower international cheese prices limited the overall rise.

The FAO Sugar Price Index averaged 92.4 points in March, up 6.2 points (7.2 percent) from February and reaching its highest level since November 2025 but remaining 24.5 points (21.0 percent) below its level a year ago. The increase in March was mainly influenced by higher international crude oil prices, raising expectations that Brazil, the world’s top sugar exporter, would rely more on sugarcane-based ethanol during the upcoming harvest.