Monitoring Desk
PARIS: The UN food agency said on Friday that world food prices reduced in December marking the 9th consecutive monthly fall, but gained more than 14 percent in 2022 compared to 2021, to reach the highest since records originated.
UN and Food Prices
The Food and Agriculture Organization’s price index averaged 132.4 points in December compared with a revised 135.00 points for the month of November.
The decrease in the index last month was driven by a sharp drop in the international price of vegetable oils, together with some decreases in meat and cereal prices, but mitigated by minor increases in dairy and sugar, the UN agency added.
Prices surged following Moscow’s invasion of Ukraine last year on fears of disruptions to Black Sea trade. They have trimmed gains in part because of an UN-backed grain export channel from Ukraine. According to FAO import costs in 2022 would lead the poorest countries to cut back on shipped volumes.
