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World Food Costs Experience Sharp Decline, Falling 13.7% According To FAO
World Food Costs Experience Sharp Decline, Falling 13.7% According To FAO....KINDLY READ THE FULL STORY HERE▶
In 2023, global food prices experienced a notable decline, marked by significant drops in grains and oils, as reported by the United Nations’ Food and Agriculture Organization (FAO) on Friday….CONTINUE READING
The FAO, headquartered in Rome, revealed that world food commodity prices recorded a substantial decrease of 13.7% in 2023 compared to the preceding year.
Specifically, the FAO’s cereals price index witnessed a 15.4% decline last year, attributed to well-supplied global markets, a contrast to 2022 when prices surged following Russia’s invasion of Ukraine, a major grain exporter.
While concerns about supply eased for wheat and maize, the situation was different for rice, influenced by the El Nino weather phenomenon and India’s restrictions on exports. Consequently, rice prices surged by 21% in the past year.
Among the various categories, the vegetable oil price index experienced the most significant fall, plummeting by 32.7% in 2023. This drop was attributed to improved supplies and reduced utilization for biofuel production.
In contrast, sugar prices saw a notable overall increase of 26.7% last year, although they retreated from their December highs. This shift was credited to Brazil’s increased exports and decreased use for biofuels.
Despite the FAO’s overall index indicating a decline, consumer food prices in many countries are on the rise, often surpassing the general inflation rate. It’s crucial to note that the FAO’s index gauges commodity market prices, and there may be a lag in reflecting consumer prices, which are also influenced by energy and labor costs during processing and distribution.
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