The global prices of food products recorded a decrease of 13.7% in 2023, compared to the previous year, marked by a surge attributed to the war in Ukraine, the Food and Agriculture Organization of the United Nations (FAO) reported on Friday.
The FAO Food Price Index, which tracks the monthly fluctuations in the prices of a range of essential food commodities traded worldwide, reported a 13.7% year-on-year decrease. In December, the index averaged 118.5 points, reflecting a 1.5% decrease compared to November and a 10.1% drop compared to December 2022.
The price of cereals decreased by 15.4% over the course of the year, and that of vegetable oils dropped by 32.7%. However, the price of rice increased by 21%, due to concerns about the global production impact of El Niño and export restrictions imposed by India, as specified by the UN organization. Additionally, the sugar price also rose by 26.7%.
The FAO Food Price Index, which tracks the monthly fluctuations in the prices of a range of essential food commodities traded worldwide, reported a 13.7% year-on-year decrease. In December, the index averaged 118.5 points, reflecting a 1.5% decrease compared to November and a 10.1% drop compared to December 2022.
The price of cereals decreased by 15.4% over the course of the year, and that of vegetable oils dropped by 32.7%. However, the price of rice increased by 21%, due to concerns about the global production impact of El Niño and export restrictions imposed by India, as specified by the UN organization. Additionally, the sugar price also rose by 26.7%.
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