The move higher in food prices comes as the Russian invasion of Ukraine sent commodity markets into disarray, which indicates prices could continue to surge and may trigger another 'Arab Spring'. 

The FAO Food Price Index (FFPI), a measure of the monthly change in international prices of a basket of food commodities, averaged 140.7 points in February, up 3.9% from January, +24.1% compared with the same month last year, and 3.1% higher than the record in February 2011.

The largest mover in the index was FAO Vegetable Oils Price Index, up 8.5% over the previous month to a new record high, driven by palm, soy, and sunflower oils. The second-largest was the FAO Dairy Price Index, up 6.4% over the prior month. The FAO Cereal Price Index was +3%.  

FAO economist Upali Galketi Aratchilage said crop condition concerns and congested supply chains only tell one part of the story of why food prices are soaring. 

"A much bigger push for food price inflation comes from outside food production, particularly the energy, fertilizer and feed sectors.

"All these factors tend to squeeze profit margins of food producers, discouraging them from investing and expanding production," Aratchilage said.

The February report was likely compiled before the Russian invasion of Ukraine. Since then, commodities markets have been skyrocketing. This week alone, the Bloomberg Commodity Index recorded its largest weekly gain since the stagflationary period of the mid-1970s over the turmoil.

We noted how the invasion has choked off more than a quarter of the global wheat trade, about a fifth of corn, and 12% of all calories traded globally.