REUTERS — The United Nations food agency world price index ended last year about 10 percent below its 2022 level. Values in December were also down from the previous month, further easing concerns over global food price inflation.
The Food and Agriculture Organization’s price index, which tracks the most globally traded food commodities, averaged 118.5 points in December, down 1.5 percent from November and 10.1 percent below December 2022 levels.
For 2023 as a whole, the index averaged 13.7 percent below year-earlier levels, with only sugar prices higher over the period. The FAO’s sugar price index did decline 16.6 percent in December from November.
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The FAO’s cereal price index rose 1.5 percent in December from November, as wheat, maize, rice and barley prices all rose amid hindered shipments from major exporting countries.
For the year as a whole, cereal prices were 15.4 percent below their 2022 average because markets are well supplied, with the exception of rice.
The largest price falls were in vegetable oils. The price index slumped 1.4 percent in December, compared to November, and there was a substantial 32.7 percent drop for the year as a whole.
The FAO’s meat price index dipped one percent in December from November and was down 1.8 percent year-on-year.
