Record global food prices kicked higher again during February, with the United Nations Food Price Index increasing for the eighth consecutive month (Food and Agriculture Organisation of the United Nations (FAO)). The FAO food price index, which measures the monthly change in international prices for five basic food commodities, has increased 34% year-on-year, to now sit at 236 points.
 
The sharpest increase across the reported categories was for oil prices, which increased 65% year-on-year, to 279.3 points, fuelled by uncertainty across the Middle East. However, unlike the remaining four food categories, the oil prices index is not yet at a record level, sitting just below the June 2008 level of 282.7 points.
 
The meat price index rose 19% year-on-year to 170 points, while the dairy (230 points) and sugar (418 points) price indexes increased 20% and 16% respectively. As a result of tight supply and increasing demand, the cereal price index grew 55% year-on-year, finishing February at 254 points.(MLA news)