In March 2025, the FAO Food Price Index (FFPI) averaged 127.1 points, showing little change from February. The stability was a result of declines in the price indices for cereals and sugar, which balanced increases in meat and vegetable oils, while the dairy price index remained steady.
Overall, the FFPI is up 8.2 points (6.9 percent) compared to the same time last year, but it remains 33.1 points (20.7 percent) below the peak recorded in March 2022. The FAO Cereal Price Index stood at 109.7 points in March, reflecting a decrease of 2.9 points (2.6 percent) from February and a dip of 1.2 points (1.1 percent) from the previous year.
Global wheat prices saw a decline as concerns about crop conditions eased among major Northern Hemisphere exporters. However, currency fluctuations, tightened supply pressures from the Russian Federation, and changes in Türkiye’s wheat import quotas moderated this decline.
World maize prices also fell, influenced by improved crop conditions in Brazil, the start of Argentina’s harvest, and reduced demand from China. The FAO All Rice Price Index decreased by 1.7 percent due to weak import demand and ample export supplies.
The FAO Vegetable Oil Price Index increased to an average of 161.8 points in March, rising 5.8 points (3.7 percent) month-on-month, largely due to higher prices for palm, soy, rapeseed, and sunflower oils. International palm oil prices rose due to tight supplies in major Southeast Asian producing countries.
Meanwhile, the FAO Meat Price Index reached 118.0 points, reflecting an increase driven by higher pig meat prices, especially in the European Union. The FAO Dairy Price Index remained stable at 148.7 points in March, marking a significant rise of 24.6 points (19.9 percent) from the previous year.
This stability came as increases in butter and milk powder prices offset a decline in international cheese prices. Lastly, the FAO Sugar Price Index averaged 116.9 points in March, down 1.6 points (1.4 percent) from February, driven by signs of weaker demand and recent rainfall in Brazil.