While world food prices have been falling for 11 months, the rise continues in Turkey

World food prices fell 0.6 percent in February compared to the previous month. Food prices have fallen 19 percent from their peak in March last year with the war between Russia and Ukraine. In Turkey, by contrast, the rise in food prices continued.

The World Food Price Index, compiled by the Food and Agriculture Organization of the United Nations (FAO), which tracks monthly changes in the prices of grains, oilseeds, dairy products, meat and sugar, fell to 129.8 in February from 130.6 in January.

SUGAR PRICES RISE AROUND THE WORLD

The drop in the index, which tracks monthly changes in international prices of widely traded food products, was due to falling prices for vegetable oils and dairy products, which offset sharp increases in sugar prices.

The FAO Sugar Price Index rose 6.9 percent month-on-month in February, hitting its highest level in six years. The FAO Vegetable Oil Price Index fell 3.2 percent in February compared to the previous month. The FAO Dairy Price Index fell 2.7 percent over the month. Grain and meat prices remained unchanged.

Thus, world food prices fell to the lowest level recorded since September 2021 in February.

FOOD INFLATION IN TURKEY IS CLOSE TO 70 PERCENT

Although world food prices declined, the rise in food prices continued at full speed in Turkey. According to the inflation figures announced today, the prices of food and non-alcoholic beverages increased by 7.36 in February compared to the previous month. In February, annual food inflation was 69.33 percent.

February’s walk champions were also food products. The biggest rise in prices in February compared to the previous month was in vegetables (without potatoes and some tubers) with 24.56 percent. On a monthly basis, prices of fresh fruit increased 10.47 percent, beef 10.31 percent, 10.25 percent and butter 8.24 percent.