In March 2023, global food prices surged to their highest levels since September 2022, primarily influenced by the ongoing conflict in West Asia, which has driven up energy prices. The United Nations Food and Agriculture Organization (FAO) indicated that while the price increases have been modest, they could escalate if the conflict continues for more than 40 days. FAO Chief Economist Maximo Torero warned that prolonged high input costs may force farmers to cut back on planting or switch to less intensive crops, ultimately affecting future yields and food supply. The FAO Food Price Index rose by 2.4% from February, now standing 1% higher than a year ago but nearly 20% below its peak in March 2022, following the onset of the war in Ukraine. The cereal price index also saw a 1.5% increase, largely due to a 4.3% rise in international wheat prices amid declining crop forecasts in the U.S. and anticipated lower plantings in Australia due to rising fertilizer costs. Conversely, rice prices fell by 3.0% due to harvest timing and reduced import demand.