World food prices climb in February

ROME - Reuters

Rap artist 50 Cent (L) prepares food for children from a school in the Kibera slums in Nairobi Kenya, last month. REUTERS photo

Global food prices rose in February from the previous month, driven by gains in grains, vegetable oils and sugar, the United Nations’ FAO index showed yesterday, adding inflationary pressure.

The index, which measures monthly price changes for a food basket of cereals, oil seeds, dairy, meat and sugar, averaged 215.3 points in February, up from a revised 212.8 points in January, data from the Food and Agriculture Organisation (FAO) showed.

The FAO also said it expected world wheat output this year to fall 1.4 percent from last year’s record crop to 690 million tons.

International markets have been brisk with major buying interest from Iran, paying a premium for grain in the face of toughened Western sanctions.

World wheat output this year is expected to fall 1.4 percent from last year’s record crop to 690 million tons, but it would still remain above the average of the past five years, the FAO said separately in its Crop Prospects report.