FX.co ★ Top-3 consumer products with rapidly rising prices

Vegetable oil at price of gold

Vegetable oil is the absolute leader on the list. In the first month of the spring, its price jumped by 8%, hitting the highest level in the last 10 years. Soybean oil showed the biggest rise. Experts at the United Nations explain such a surge in oil prices by a possible increase in demand from biodiesel producers. At the same time, demand for palm oil grew amid a drop in the reserves in exporting countries. As a result, prices of this type of oil soared. The price of sunflower and rapeseed oils also jumped because of a decline in supply.

Dairy shortage

The second place among the most expensive products was given to dairy. Last month, the price of this kind of food advanced almost by 4%. The price of powdered milk showed the biggest rise. Economists at the United Nations, suppose that a surge in prices was caused by the mounting demand from China and other Asian countries. At the same time, Europe has faced a decline in the butter supply. This, in turn, led to higher demand and prices.

Great demand for meat

Meet took third place on the list. Demand for this product soared ahead of Catholic Easter. In the first month of the spring, the price of meat rose by more than 2%. Interestingly, the most significant jump was recorded in the price of pork and chicken, whereas beef was sold at almost the same price. However, the price of mutton slid amid higher supply from New Zealand. The fact is that farmers in New Zealand have to sell their livestock because of the extremely hot weather.

Products that lost in value

In March, the price of grain declined by 1.8%, remaining far from the pre-crisis level. The difference is 26.5%. Experts at the United Nations emphasize that last month, the largest drop was recorded in the price of wheat. This happened amid positive forecasts of the future harvest. Thus, this year, the global production of wheat may reach a new record high of 785 million tons. The expected reading is almost 1.5% higher than the one logged in 2020. Moreover, in March, other grain, including barley, rice, and corn, also lost in value. At the same time, the sugar price slid by 4% amid expectations of a surge in exports from India, its historic homeland.