World
World Food Prices Rise for First Time in Seven Months in March 2024
By Adedapo Adesanya
After seven months of decline, global food prices ticked in March, mostly driven by higher world vegetable oil prices, data from the United Nations Food and Agriculture Organisation (FAO) showed.
The FAO Food Price Index (FFPI) stood at 118.3 points in March 2024, up 1.3 points (1.1 per cent) from its revised February level.
This is as increases in the price indices for vegetable oils, dairy products and meat slightly more than offset decreases in sugar and cereals.
The index, although it registered a first uptick in March following a seven-month-long declining trend, was down 9.9 points (7.7 per cent) versus its corresponding value one year ago.
The FAO Cereal Price Index averaged 110.8 points in March, down 3.0 points (2.6 per cent) from February and 27.7 points (20.0 per cent) below its March 2023 value.
Global wheat export prices declined for the third consecutive month in March, mostly due to continued strong export competition among the European Union, the Russian Federation and the United States of America. Amid ample supplies, cancelled wheat purchases by China (from both Australia and the United States of America) placed downward pressure on markets, while favourable crop prospects for the 2024 harvest in the Russian Federation and the United States of America also contributed to the softer price tone.
By contrast, maize export prices edged marginally upward month-on-month. Increasing buying interest, especially from China, amidst logistical difficulties in Ukraine and elsewhere, provided some support to maize prices, but it was countered by seasonal pressure in Argentina and Brazil where harvests are underway.
For other coarse grains, world prices of barley fell while those of sorghum increased in March.
The FAO All Rice Price Index declined by 1.7 per cent in March, largely reflecting a subdued global import demand.
The FAO Vegetable Oil Price Index averaged 130.6 points in March, up 9.7 points (8.0 per cent) from February and reaching a one-year high.
The marked rebound reflected higher price quotations across palm, soy, sunflower and rapeseed oils. International palm oil prices continued to increase in March, underpinned by seasonally lower outputs in leading producing countries that coincided with firm domestic demand in Southeast Asia. In the meantime, world soy oil prices recovered from multi-year lows, mostly supported by continued robust demand from the biofuel sector, particularly in the United States and Brazil.
Likewise, sunflower and rapeseed oil prices recovered in March, amid rising global import demand. Furthermore, higher crude oil prices also contributed to the increase in vegetable oil quotations.
The FAO Dairy Price Index averaged 124.2 points in March, up 3.5 points (2.9 per cent) from February, marking the sixth consecutive monthly increase, but remained 11.1 points (8.2 per cent) below its value in the corresponding month last year.
In March, world cheese prices increased the most, reflecting the steady import demand from Asia, higher internal sales in Western Europe leading to the spring holidays, and seasonally falling production in Oceania.
Despite softer Asian demand, international butter prices increased further in March, mainly due to solid seasonal demand and somewhat tighter European stocks.
By contrast, after five months of consecutive increases, international whole milk powder prices dropped as global import demand softened despite seasonally declining production in Oceania.
Meanwhile, Skim milk powder prices also fell, as markets remained quiet, with lower spot demand.
The FAO Meat Price Index averaged 113.0 points in March, up 1.9 points (1.7 per cent) from February, marking the second consecutive monthly increase. At this level, the index stood only 1.7 points (1.5 per cent) below its corresponding value a year ago.
International poultry meat prices increased in March, underpinned by continued steady import demand from leading importing countries, despite ample supplies mostly sustained by reduced avian influenza outbreaks in major producing countries.
Pig meat prices also increased, mainly reflecting higher internal demand ahead of the Easter holidays, notwithstanding increased supplies, especially in Western Europe.
World bovine meat prices continued to rise in March, mainly due to increased purchases by leading importing countries. By contrast, international ovine meat prices fell for the second consecutive month, principally driven by a surge in supplies exceeding seasonal levels, especially from Australia.
The FAO Sugar Price Index averaged 133.1 points in March, down 7.6 points (5.4 per cent) from February after two consecutive monthly increases, but still up 6.1 points (4.8 per cent) from its value a year ago.
The upward revision mainly drove the March decline in international sugar price quotations to the 2023/24 sugar production forecast in India and the improved pace of sugar harvest in Thailand at the final stage of the season. Large exports from Brazil also weighed on world sugar prices.
However, persistent concerns over the crop in Brazil, negatively affected by prolonged dry weather conditions, continued to exacerbate seasonal trends and limited the price decline. Likewise, higher international crude oil prices also contributed to containing the decrease in world sugar prices.
By Kestér Kenn Klomegâh
For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”
The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.
The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.
Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.
The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.
The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.
The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.
Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.
On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.
One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.
The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”
By Adedapo Adesanya
The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.
The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.
Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.
Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.
He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.
His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.
Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.
“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.
Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.
It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.
Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.
By Aduragbemi Omiyale
A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.
The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.
It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.
The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.
Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.
Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.
The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”
Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.
“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.
“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”
The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.
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