World Food Prices Hit Record High In 2022
PARIS—A surge in the cost of most food commodities last year, as the disruption caused by Ukraine’s conflict raised concerns of shortages, sent the U.N. food agency’s average price index to the highest level on record.
The Food And Agriculture Organization’s (FAOThe ) food prices index, which tracks international prices for the most widely traded food commodities, averaged 143.7 point in 2022. This was up 14.3 percent from 2021 and the highest level since records began in 1990. Friday.
The Index had already gained 28 per cent in 2021 over the previous year, as the world’s largest index economy The pandemic’s impact on the population was reversed.
Food Prices rose after the incident Russia’s Invasion of Ukraine in February Last year, fears of disruptions were a major factor in the downturn. Black Sea trade. They have pared some of their gains since, in part because of a U.N.–backed grain export channel from Ukraine Moreover, there is the possibility of increased supplies in producing countries.
In December The benchmark index fell to 132.4 points in the ninth consecutive monthly period, compared to a revised 135.00 points. November. The November Figure was previously given at 135.7 points.
“Calmer food commodity prices are welcome after two very volatile years,” FAO Chief Economist Maximo Torero said.
The Inflation in the index December The FAO stated that the drop in international vegetable oil prices was accompanied by some drops in cereal and meat prices. However, slight increases in sugar and dairy were able to mitigate the effect.
Still over the whole of 2022, four of the FAO’s five food sub-indexes—cereals, meat, dairy, and vegetable oils—had reached record highs, while the fifth one, sugar, was at a 10-year high.
The FAO Cereal Price Index Index rose 17.9% in 2022 due factors including market disruptions, higher energy prices, input costs, adverse weather and continued strong. global FAO stated that food demand is increasing.
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