'It is important to remain vigilant and keep a strong focus on mitigating global food insecurity given that world food prices remain at elevated levels, with many staples near record highs,' said the FAO's chief economist.
In the month of December, the FAO Food Price Index fell to an average of 132.4 points, a slight decrease from the previous year. The U.N. attributed most of the decline to a recent drop in the price of palm, soy, rapeseed, and sunflower oils. Lower vegetable oil prices, which hit an all-time high in 2022, came as a result of reduced global import demand, expectations of a seasonal boost in soy oil production in South America, and declining crude oil prices, according to the FAO.
While world prices of wheat and maize surpassed previous records in 2022, the price of both cereals declined slightly in December, the organization said, thanks to ongoing harvests in the Southern Hemisphere, which increased global supply. The price of rice, however, rose last month, as did the price of sugar and cheese, FAO noted. Beef and poultry prices fell slightly in December, but that came at the end of a year in which dairy and meat prices reached their highest levels since 1990.
"Calmer food commodity prices are welcome after two very volatile years," FAO Chief Economist Maximo Torero said in a statement."It is important to remain vigilant and keep a strong focus on mitigating global food insecurity given that world food prices remain at elevated levels, with many staples near record highs, and with prices of rice increasing, and still many risks associated with future supplies.
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