The index of world food prices dipped for the ninth consecutive month in December 2022, declining by 1.9 percent from the previous month, the Food and Agriculture Organization of the United Nations (FAO) reported today.
The index of world food prices dipped for the ninth consecutive month in December 2022, declining by 1.9 percent from the previous month, the Food and Agriculture Organization of the United Nations reported today.
“Calmer food commodity prices are welcome after two very volatile years,” said FAO Chief Economist Maximo Torero. “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.”
The FAO Cereal Price Index decreased 1.9 percent from November. Ongoing harvests in the southern hemisphere boosted wheat exportable supplies, while strong competition from Brazil drove down world maize prices. Conversely, international rice prices rose, buoyed by Asian buying and currency appreciation against the United States dollar for exporting countries.
The FAO Dairy Price Index increased by 1.2 percent in December, following five months of consecutive declines. Higher international cheese prices, reflecting tightening market conditions, drove the monthly increase in the index, while international quotations for butter and milk powder declined.
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