A UN data has showed on Friday that world food prices fell for a ninth month in a row in December but hit their highest level on record for the full year in 2022.
Food prices soared to a monthly record high in March after Russia invaded agricultural powerhouse Ukraine, a major supplier of wheat and cooking oil to the world.
But prices have dropped since then, with more relief brought by a deal brokered by Turkey and the United Nations in July that lifted a Russian naval blockade on Ukrainian grain exports.
The Food and Agriculture Organization said Friday its price index, which tracks the monthly change in international prices of a basket of food commodities, fell to 132.4 points in December, a 1.9 percent drop from November.
It was also one percent lower than in December 2021.
But the index was 14.3 percent higher overall in 2022 compared to the previous year as it reached an all-time high of 143.7 points.
The FAO chief economist Maximo Torero said in a statement that world prices of maize were 24.8 percent higher on average in 2022 than in 2021, according to the FAO. Wheat was 15.6 percent more expensive.
“But maize prices fell in December, mostly due to “strong competition” from Brazil, the FAO said.
“Wheat was also down for the month “as ongoing harvests in the southern hemisphere boosted supplies and competition among exporters remained strong”.
The FAO’s vegetable oil price index reached a new record high in 2022 but fell 6.7 percent month-on-month in December to its lowest level since February 2021.
