The Food and Agricultural Organisation (FAO) of the United Nations says global food prices declined for the ninth consecutive month in December 2022 — but rose substantially on a yearly basis.
It said the food price index, which tracks international prices of the most globally traded food commodities, averaged 132.4 points in December, down by 1.9 percent from November, as well as 1 percent below its value last year.
It further explained that sugar prices rose mostly due to concerns over the impact of adverse weather conditions on crop yields in India and sugarcane crushing delays in Thailand and Australia. “World prices of wheat and maize reached record highs over the year. The average value of the FAO vegetable oil price index for all of 2022 reached a new record high, while the FAO dairy price index and meat price index marked their highest full-year levels since 1990.”
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