In 2023, the international food price index fell nearly 14% YoY , and only the price index of sugar and rice rose

According to the latest report of the Food and Agriculture Organization of the United Nations (FAO), in the whole year of 2023, the food price index fell 13.7% from the average of the previous year, of which only the international sugar and rice price index was higher than last year.

FAO Food Price Index 2023: 

The cereal price index declined 15.4% from the previous year's average, mainly due to the overall ample supply in the global market. Among them, the international rice price increased by 21% in 2023, mainly driven by the concern that rice production may be affected by the El Nino phenomenon and the impact of export restrictions imposed by India

The vegetable oil price index fell 32.7 per cent from the previous year to a three-year low, mainly due to improving global supply chains.

The dairy price index declined 16.6% from the previous year's average, mainly due to weak import demand, especially for physical supplies, and ample inventories in importing countries, with all dairy prices falling this year

The meat Price index declined 3.5% from the previous year's average due to higher export supplies from major exporting regions and lower import demand from major meat importing countries, with lower average annual prices for beef, poultry and mutton and higher average prices for pork partially offset by lower average prices for meat.

The sugar price index rose 26.7 per cent from the previous year's average, the highest since 2011, mainly due to concerns about a tightening global sugar supply and demand balance.