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World food prices fell in December 2022

 foodmate 2023-01-10

According to a recent report released by the Food and Agriculture Organization of the United Nations (FAO), the World Food Price Index fell for the ninth consecutive month in December 2022, down 1.9% from the previous month.

The FAO Food Price Index averaged 132.4 points in December, down 1.0 percent from a year earlier. However, for the full year 2022, the index averaged 143.7 points, 14.3% higher than the 2021 average. The FAO Food Price Index tracks monthly changes in international prices for commonly traded foods.

FAO Chief Economist Máximo Torero said: "After two years of sharp volatility, more moderate food prices are welcome. "With world food prices remaining high, many staple food prices near record highs, and rice prices continuing to rise, there are still many risks to future supply, so it is important to remain vigilant and highly focused on alleviating global food insecurity."

International quotations for vegetable oils led the decline, with the FAO Vegetable Oil Price Index falling 6.7 percent from November to its lowest level since February 2021. International quotations for palm, soybean, rapeseed and sunflower oil fell in December due to weak global import demand, an expected seasonal increase in soybean oil production in South America and lower crude oil prices.

The FAO Cereal Price Index fell 1.9 percent from November. A bumper harvest in the southern hemisphere increased wheat export supplies, while strong competition from Brazil depressed world maize prices. Conversely, international rice prices rose on the back of the purchasing power of Asia and the appreciation of exporting countries' currencies against the United States dollar.

The FAO Meat Price Index fell 1.2 percent in December from November, with world beef and poultry prices falling more than pork and ovine prices. International beef prices have been affected due to weak global demand for medium-term beef supply; The oversupply of poultry meat exports has depressed poultry meat prices. Pork prices rose due to strong holiday domestic demand, especially in Europe.

The FAO Dairy Price Index rose by 1.2 percent in December after five consecutive months of decline. Higher international cheese prices, reflecting tighter supply in the market, drove the index's monthly rise, while international quotations for butter and milk powder fell.

The FAO Sugar Price Index also rose, up 2.4 percent from November, mainly due to concerns about the impact of adverse weather conditions on crop yields in India and the postponement of sugarcane crushing operations in Thailand and Australia.

As mentioned above, the FAO Food Price Index average in 2022 was significantly higher than in 2021, and the already sharp price increase in 2021 put pressure on low-income food-importing countries and raised food security concerns, and the IMF launched the Food Shock Window facility, inspired by FAO.

World wheat and maize prices reached record highs in 2022. For the whole of 2022, the FAO Vegetable Oil Price Index averaged record highs, while the FAO Dairy Price Index and Meat Price Index updated their highest levels for the year since 1990.

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