The war in Ukraine has led to record high food prices around the world, according to the Food and Agriculture Organization of the United Nations (FAO).

It said 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 Food Price Index went up by 12.6% from February when it had already reached its highest level since its inception in 1990.

This marked a 33.6% increase on March 2021.

The FAO FPI tracks monthly changes in the international prices of a basket of commonly traded food commodities.

The FAO Cereal Price Index was 17.1 % higher in March than in February, driven by large rises in wheat and all coarse grain prices largely as a result of the war in Ukraine.

The Russian Federation and Ukraine, combined, accounted for around 30% and 20% of global wheat and maize exports, respectively, over the past three years.

World wheat prices soared by 19.7% during March, exacerbated by concerns over crop conditions in the US.

Meanwhile, maize prices posted a 19.1% month-on-month increase, hitting a record high along with those of barley and sorghum.

The FAO Vegetable Oil Price Index rose 23.2%, driven by higher quotations for sunflower oil, of which Ukraine is the world’s leading exporter.

Palm, soy and rapeseed oil prices also rose markedly as a result of the higher sunflower oil prices and the rising crude oil prices, with soy oil prices further underpinned by concerns over reduced exports by South America.

The FAO Sugar Price Index rose 6.7% from February, reversing recent declines to reach a level more than 20% higher than in March 2021.

Higher crude oil prices were a driving factor, along with currency appreciation of the Brazilian Real, while favorable production prospects in India prevented larger monthly price increases.

The FAO Meat Price Index increased by 4.8% in March to reach an all-time high, led by surging pigmeat prices related to a shortfall of slaughter pigs in Western Europe.

International poultry prices also firmed in step with reduced supplies from leading exporting countries following avian flu outbreaks.

The FAO Dairy Price Index rose 2.6% and was 23.6% higher than in March 2021, as quotations for butter and milk powders rose steeply amid a surge in import demand for near and long-term deliveries, especially from Asian markets.