On Friday, the United Nations’ Food and Agriculture Organization (FAO) reported that in April, global food prices grew for the first time in a year.

The FAO’s food price index, which looks at the most globally traded commodities, averaged 127.2 points, in April, compared to a reading of 126.5 in March.

In a statement, the FAO said, “The slight rebound in the FFPI (FAO Food Price Index) in April was led by a steep increase in the sugar price index, along with an upturn in the meat price index, while the cereals, dairy and vegetable oil price indices continued to drop.”

The report noted that the sugar price index rose 17.6% from March, reaching the highest level seen since October of 2021. The increase was attributed to worries over tighter supplies following revised forecasts for India and China showing reduced production, as well as failures to meet expectations in Thailand and the European Union.

The meat price index was up 1.3% over March, as dairy prices dropped 1.7%. Vegetable oil prices also dropped 1.3%, for a fifth monthly decline in a row.

The cereal price index fell 1.7%, as a fall in the prices of all major grains overwhelmed an increase in the prices of rice.

FAO Chief Economist Maximo Torero said, “The increase in rice prices is extremely worrisome and it is essential that the Black Sea initiative is renewed to avoid any other spikes in wheat and maize.”

The report showed that international wheat prices were down by 2.3% in April, falling to their lowest point since July of 2021, mostly due to large exportable availabilities in Australian and Russia.

The report also noted that favorable growing conditions in Europe, as well as an agreement allowing Ukrainian grains to pass through European countries which had imposed import limitations earlier in the month also had led to an “overall softer tone in markets.”

Torero further predicted that as national economies “recover from significant slowdowns, demand will increase, exerting upward pressure on food prices.”