The global food price index of the United Nations Food and Agriculture Organization (FAO), which has been declining for 9 months, decreased by 1.9 percent in December 2022 compared to the previous month.
According to the FAO statement, the organization’s Food Price Index averaged 132.4 points in range, 1 percent below its value a year ago. However, the index, which monitors monthly changes in the international prices of widely traded food commodities for the year 2022, increased by 14.3 percent compared to 2021, reaching an average of 143.7 points. While the global food commodity price index declined for 9 months, it decreased by 1.9 percent in December 2022 compared to the previous month.
Global vegetable oil prices led the decline, while the FAO Vegetable Oil Price Index fell 6.7% from November to its lowest level since February 2021.
International supplies of palm, soybean, rapeseed and sunflower oils declined in December, driven by weak global import demand and expectations of seasonally increasing soybean oil production in South America, as well as lower crude oil prices.
The FAO Cereal Price Index declined 1.9 percent from November. Continuing crops in the Southern Hemisphere increased the supply of exportable wheat, while strong competition from Brazil drove down world corn prices.
The meat price index fell, and the dairy and sugar price index rose
In December, the FAO Meat Price Index fell 1.2 percent from November. International beef prices were affected by global demand for medium-term supplies, while adequate export supplies led to lower poultry prices. Pork prices rose on the back of strong domestic demand, especially in Europe.
The FAO Dairy Price Index rose 1.2 percent in December after five consecutive months of decline. The rise in international cheese prices, reflecting the tightening market conditions, led to an increase in the monthly index, while the international prices of butter and milk powder declined.
As of November, the FAO Sugar Price Index was also up 2.4 percent, mostly due to concerns about the impact of adverse weather conditions on crop yields in India and delays in sugarcane crushing in Thailand and Australia.
“Food prices have reached high levels.”
In 2022, the average FAO food price index has increased significantly compared to the previous year. Global wheat and corn prices reached record levels over the course of the year. The average value of the FAO Vegetable Oil Price Index for the whole of 2022 reached a new record high, while the FAO Dairy Price Index and Meat Price Index hit their highest levels since 1990.
The statement, which also included the views of FAO Chief Economist Maximo Torero, read:
“After two years of high volatility, calmer food commodity prices are welcome.” Given that global food prices are rising, prices of many foods are rising, and many risks to future supplies remain, it is important to remain vigilant and focused. greatly contribute to the alleviation of global food insecurity.”
AA
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