The Food and Agriculture Organization of the United Nations (FAO) said on Friday that global average food prices dropped 1.9% in December compared with November, marking the ninth consecutive month of decline, but grew 14.3% in yearly average from 2021 to 2022
MOSCOW (Pakistan Point News / Sputnik - 06th January, 2023) The Food and Agriculture Organization of the United Nations (FAO) said on Friday that global average food prices dropped 1.9% in December compared with November, marking the ninth consecutive month of decline, but grew 14.3% in yearly average from 2021 to 2022.
FAO uses its flagship Food price Index (FFPI) to track change in international prices for five key food commodities: meat, cereal, dairy, sugar, and vegetable oil.
"The FFPI averaged 132.4 points in December 2022, down 2.6 points (1.9 percent) from November, marking the ninth consecutive monthly decline and standing 1.3 points (1.0 percent) below its value a year ago," the organization said in a statement.
The organization attributed the decline to "a steep drop in the international prices of vegetable oils, together with some declines in cereal and meat prices, but partially counterbalanced by moderate increases in those of sugar and dairy."
The FAO Meat Price Index decreased by 1.2% in December from November, the Cereal index decreased by 1.9%, and the Vegetable Oil index decreased by 6.7% to its lowest level since February 2021. Conversely, the Dairy Price Index increased by 1.2% and the Sugar index also increased by 2.4%.
The FFPI averaged 143.7 points in 2022, up from 2021 by 18 points (14.3%), FAO added.
Food and fertilizer costs spiked worldwide when the United States and Europe blocked access of Russian grain and fertilizer exporters to ports, insurance and finance, stopping short of sanctioning Russian exports altogether over Moscow's special military operation in Ukraine.
