Global food prices hit all-time highs in 2022 despite December’s slump

By: News Team

Published on:

Global food prices hit all-time highs in 2022 despite December's slump

Global food prices fell in December, the ninth straight monthly decline, but rose more than 14 percent in 2022 from a year earlier to the highest level on record, the U.N. food agency said on Friday.

The Food and Agriculture Organization of the United Nations (FAO) Food Price Index, which tracks international prices of the world’s most traded food products, averaged 132.4 points last month, up from a revised 135.00 points in November.

Previously, November’s figure was 135.7 points.

For 2022 as a whole, the benchmark index averaged 143.7 points, an increase of 18 points (14.3%) compared to 2021, and the highest figure since records began in 1990.

The decline in the index in December was driven by a sharp drop in the international price of vegetable oils, along with some declines in cereal and meat prices, but mitigated by slight increases in the prices of vegetable oils. sugar and dairy products, according to FAO.

Food prices soared after Russia’s invasion of Ukraine in February last year, amid fears of disruption to trade in the Black Sea. Prices have been reduced in part because of a UN-backed grain export channel from Ukraine.

The FAO said last year that food import costs in 2022 would lead poorer countries to cut shipment volumes.

Its food price index comprises the average of its price indices for meat, dairy products, cereals, vegetable oils and sugar, weighted by the average export quotas of each of the groups for 2014-2016, it said.

Leave a Comment