ROME (Reuters), Despite a slight decrease in world food prices in April, after reaching a record in March, global food security remained a problem due to the challenging market conditions.

Food and Agriculture Organization (FAO’s) food price index tracks most internationally traded foods commodities and averaged 158.5 points in March compared to an upwardly revised of 159.7 in March.

The previous March number was 159.3.

Maximo Torero Cullen is the FAO Chief Economic Economist. He stated, “The slight decline in the index, especially for low-income foods-deficit country countries, is a welcome relief. But still, food prices remain near their recent highs. Reflecting persistent market tightness that poses a challenge for global food security for our most vulnerable”

Although the index fell month-on-month it was 29.8% lower than one year prior. The increase in the index came partly from concerns regarding the Russian invasion.

Following a 17% rise in March’s price index, the agency’s rice price index declined 0.7% in April. Wheat prices rose 0.2%, while maize prices declined 3.0%. FAO stated that wheat prices were affected by the closure of Ukrainian ports and concerns about crop conditions in America. However, these worries were partly offset by higher shipments from India as well as more than expected exports to Russia.

FAO’s vegetable oils price index fell 5.7% in April due to lower demand for sunflower, palm and soybean oils.

The sugar prices rose 3.3% while the meat price index rose 2.2%, and the dairy index climbed 0.9%.

Separate estimates of cereal demand and supply were released by the FAO on Friday. It slightly reduced its estimate for world wheat production in 2022 from 784 millions last month to 782million tonnes.

Forecasts included a 20% decrease in Ukraine’s harvested area and an anticipated decline in Morocco’s production due to drought conditions in North Africa.

FAO forecasted that the world’s cereal production would be 2.799 Billion tonnes in 2021, which is 0.8% more than 2020.

It slightly raised its forecast for global cereals trading in the 2012/2012 marketing year to 473million tonnes. That’s an increase of 3.7 million tonnes over last month, but it is still 1.2% lower than the 2020/21 record.

FAO stated that the revision was due to stronger Russian exports based on continuing shipments in April, mainly to Egypt, Iran, and Turkey.

FAO advised in March that prices for food and feed could increase by as much as 20% due to the conflict in Ukraine. This raises the possibility of malnutrition.