World food prices rise sharply in 2022

World food prices fell 1.9 percent in December, recording their ninth month of decline. However, for all of 2022, the index increased 14.3 percent compared to its average value in 2021. In 2022, the index’s 12-month average was 143.7 points.

The World Food Price Index, which tracks monthly changes in the prices of grains, oilseeds, dairy, meat and sugar compiled by the Food and Agriculture Organization of the United Nations (FAO ), fell to 132.4 in December from the revised level of 135 in November. The Food Price Index for November was announced at 135.7.

The world food price index increased by 14.3% in 2022 compared to 2021.

INCREASED PRICES OF WAR

After Russia’s invasion of Ukraine in February last year, world food prices rose on concerns about disruption to shipments from the Black Sea, but fell on the back of the inter-National Grain Corridor Agreement. Nations, Ukraine, Turkey and Russia.

World wheat and maize prices had reached record levels throughout the year. The average value of the FAO Vegetable Oil Price Index for all of 2022 broke records, while the FAO Dairy Price Index and Meat Price Index reached their highest levels since 1990.

‘NEEDS TO BE AWARE’

“After two very volatile years, the calm in food staple prices is welcome,” said Máximo Torero, FAO Chief Economist. “As world food prices remain high and many essential staples are near record levels, it is important to stay vigilant and focus strongly on alleviating global food insecurity,” Torero said.