Global food prices remained stable in March 2025, according to the FAO Food Price Index, which averaged 127.1 points, unchanged from February’s revised estimate of 126.8 points. This level is 6.9% higher than March 2024 but remains 20.7% below the peak recorded in March 2022 during the Ukraine conflict. The stability was attributed to a sharp rise in vegetable oil prices, which balanced declines in cereals and sugar. The index tracks monthly changes in international prices of key food commodities, including cereals, vegetable oils, sugar, meat, and dairy.

The FAO Vegetable Oil Price Index rose by 3.7% from February and was 23.9% higher than a year ago. Quotations for palm, soy, rapeseed, and sunflower oils increased due to strong global import demand. In contrast, the FAO Cereal Price Index fell by 2.6%, with wheat prices declining as concerns over crop conditions eased in major Northern Hemisphere exporters. Maize, barley, sorghum, and rice prices also dropped amid weak import demand and abundant export supplies.

Sugar prices decreased by 1.6%, driven by weaker global demand and favorable rainfall in southern Brazil that boosted production prospects. However, concerns over sugar output in India and Brazil limited further price declines. Meanwhile, the meat price index rose by 0.9%, led by higher pig meat prices in Europe after Germany regained disease-free status. Poultry meat prices remained stable despite avian influenza outbreaks in major producing regions.

Dairy prices showed no change from February levels, reflecting steady market conditions across major dairy products. In its separate cereal report, the FAO slightly raised its global cereal production estimate for 2024 to 2.849 billion metric tons and maintained its wheat production forecast for 2025 at 795 million tons, signaling improved supply stability globally.