World food prices reach a record in 2022

Global food prices fell for the ninth straight month in December, though they hit their highest level on record for the full year in 2022, UN data showed on Friday.

Food prices soared to a monthly record in March after Russia invaded agricultural powerhouse Ukraine, a major supplier of wheat and cooking oil to the world.

A Russian naval blockade preventing grain exports from Ukraine was lifted following a deal in July brokered by Turkey and the United Nations.

The Food and Agriculture Organization said on Friday that its price index, which tracks the monthly change in international prices for a basket of food products, fell to 132.4 points in December, a 1.9% drop from november.

It was also one percent lower than December 2021.

But the index was 14.3% higher overall in 2022 compared to the previous year, as it reached an all-time high of 143.7 points.

“Calmer food commodity prices are welcome after two very volatile years,” FAO chief economist Máximo Torero said in a statement.

“It is important to remain vigilant and maintain a strong focus on mitigating global food insecurity as global food prices remain high,” he said.

Torero said many staples are near record highs, with rice prices rising and “there are still a lot of risks associated with future supplies.”

[Con información de AFP]

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