World’s average food price index reaches the highest level on record, UN’s Food and Agriculture Organization says
Over the whole of 2022, four of the FAO's five food sub-indexes -cereals, meat, dairy and vegetable oils- had reached record highs, while the fifth one, sugar, was at a 10-year high.
The Food and Agriculture Organization's food price index, which tracks international prices of the most globally traded food commodities, averaged 143.7 points in 2022, up 14.3% from 2021, and the highest since records started in 1990, the agency said on Friday. Food prices surged after Russia's attacks on Ukraine in February last year on fears of disruptions to Black Sea trade. They have pared some of their gains since, in part because of a UN-backed grain export channel from Ukraine and the prospect of improved supplies in producing countries.
The decline in the index in December was driven by a drop in the international price of vegetable oils, together with some declines in cereal and meat prices, but mitigated by slight increases in those of sugar and dairy, the FAO said.
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