According to figures released by the United Nations on Friday, food prices declined for the ninth consecutive month in December, however they reached their highest level ever for the entire year in 2022.
As a result of Russia’s invasion of agricultural powerhouse Ukraine, a major supplier of wheat and cooking oil to the world, food prices reached a monthly record high in March.
A July agreement reached by Turkey and the United Nations resulted in the lifting of a Russian naval blockade that hindered Ukrainian grain deliveries.
The Food and Agriculture Organization said on Friday that its price index, which analyzes the monthly change in worldwide food commodity prices, decreased to 132.4 points in December, a decrease of 1.9 percent from November.
Additionally, it was one percent less than in December 2021.
The index achieved an all-time high of 143.7 points in 2022, which was 14.3 percent higher than the previous year.
The FAO’s head economist, Maximo Torero, said in a statement that calmer food commodity prices are welcome following two very volatile years.
“It is essential to maintain vigilance and a strong focus on reducing global food insecurity as long as global food prices remain elevated,” he said.
Torero stated that numerous essentials are nearing record highs, with rice prices growing and “many threats to future supplies.”
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