The steepest declines were seen in sugar prices, which fell 19% from February, as fewer people consumed the sweetener out of home and as lower crude oil prices curbed demand from the ethanol sector.
ROME: The global economic slowdown is causing the biggest drop in food prices since 2015 as demand shrinks for everything from dairy to sugar.
The FAO Food Price Index, a global gauge of prices, dropped 4.3% in March, the United Nations’ Food & Agriculture Organisation (FAO) said yesterday.
That’s the steepest decline since August 2015. Food costs fell as government restrictions on freedom of movement exacerbated demand destruction for oil, which pressures biofuels consumption. Biofuels are a key source of demand for sugar and vegetable oils.
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