World Food Prices Decline For Nine Consecutive Months In December, Says FAO

For the nine consecutive months ending December 2022, the Food and Agricultural Organisation (FAO) of the United Nations said there was a decline in global food prices.

The UN agency made this known in its latest food price index seen by THE WHISTLER.

It revealed that the decline in December index was driven by a steep drop in the international price of vegetable oils, together with some declines in cereal and meat prices.

Despite the rising food inflation in Nigeria caused by increases in prices of bread and cereals, oil and fat along side others, the FAO disclosed that these products recorded a drastic fall in price globally.

The FAO Chief Economist Maximo Torero said “a calmer food commodity prices are welcome after two very volatile years.”

He added, “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.

“The FFPI was notably higher in 2022 than in 2021, which on top of large increases that year sparked significant strains and food security concerns for poorer food-importing countries and this led the International Monetary Fund (IMF) to adopt a Food Shock Window.”

The index which recorded prices of 55 agricultural commodities, averaged averaged at 132.4 points in December 2022, down by 1.9 per cent in November.