In December 2023, the global food price index determined by the Food and Agriculture Organization of the United Nations (FAO) was 118,5 points, 1,8 points (1,5%) lower than in November. The FAO press service reported on January 5th.
“The increase in price indices for dairy products and Grains was caused by the decline in price indices for Sugar, Edible oils and meat more than compensates. The index value was 13,3 points (10,1%) below the corresponding level of the previous year. At the end of 2023, the index value was 124 points, which is 19,7 points (13,7%) below the average for 2022,” said the experts.
It is also noted that the average value of the grain price index in December was 122,8 points, which is 1,8 points (1,5%) higher than the November level, but 24,4 points (16,6%) below the corresponding value from December 2022.
“In general, the value of the grain price index at the end of 2023 was 130,9 points, 23,8 points (15,4%) below the record-high annual average of 2022. This downward trend is explained by the fact that the supply of grain on the world market remains sufficient ” says the report.
The price index for vegetable oils averaged 122,4 points in December, 1,7 points (1,4 percent) lower than in the previous month, after briefly rising in November. The decline in this index, which occurred despite seasonal production cuts in major producing countries, reflects lower world market prices for palm, Soy-, rapeseed and Sunflower oil which is due to lower purchases by the main importers.
“For 2023 as a whole, the value of the price index for vegetable oil is 126,3 points, significantly lower (by 61,5 points or 32,7%) than in 2022 and at the lowest level in the last three years,” said the analysts.
Source: APKinform (Ukraine)