DORAL, FL -The U.N. Food and Agriculture Organization said on Friday that global food prices in 2022 hit record high even after falling for nine months in a row.
According to the organization, for the whole year it averaged 143.7 points, more than 14% above the 2021 average, reaching the highest level of the U.N. organization’s Food Price Index since its records began in 1961.
In addition, prices for wheat and corn specifically reached a record high last year, though they fell in December along with the costs of other grains, while the organization’s Vegetable Oil Price Index hit an all-time high last year. For all of 2022, the FAO Dairy Price Index and Meat Price Index also were the highest since 1990.
Nevertheless, during December there was a decrease of 1.9% from a month earlier as per data of the FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities.
“Calmer food commodity prices are welcome after two very volatile years,” FAO chief economist Maximo Torero said in a prepared statement cited by the AP. “It is important to remain vigilant and keep a strong focus on mitigating global food insecurity given that world food prices remain at elevated levels, with many staples near record highs, and with prices of rice increasing, and still many risks associated with future supplies.”
This year, the reasons behind the rise are Russia’s war in Ukraine, drought and other factors that rose inflation and worsened hunger worldwide.
Russia’s invasion of Ukraine in February was the main cause because the two countries were in charge of supplying wheat, barley, sunflower oil and other products, especially to nations in parts of Africa, the Middle East and Asia.
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