Paris:
Global food prices fell for the ninth straight month in December but will reach a full-year high in 2022, United Nations data showed Friday.
Food prices rose to a record monthly high in March after Russia invaded agricultural powerhouse Ukraine, a major supplier of wheat and cooking oil to the world.
But prices have since fallen, helped by a deal brokered by Turkey and the United Nations in July when the Russian naval blockade on Ukrainian grain exports was lifted.
The Food and Agriculture Organization said Friday that the price index, which tracks monthly changes in international prices for baskets of food, fell to 132.4 points in December, down 1.9% from November.
It is also 1% lower than in December 2021. Overall, however, the 2022 index is 14.3% higher than the previous year, reaching a record high of 143.7 points.
"After two very volatile years, it is welcome that food prices have calmed down," FAO chief economist Maximo Torero said in a statement.
“With food prices remaining high around the world, it is important to remain vigilant and focus on reducing global food insecurity,” he said.
With many staples near record highs and rice prices on the rise, "there remain a lot of risks to future supplies," Torello said.
Global market prices for corn in 2022 are on average 24.8% higher than in 2021, according to the FAO. Wheat was 15.6% higher.
But maize prices fell in December, mainly due to "intense competition" from Brazil, FAO said.
Wheat also fell for the month "as continued harvests in the southern hemisphere boosted supplies and competition among exporters remained strong".
The FAO vegetable oil price index hit a record high in 2022, but in December he fell 6.7% to its lowest level since February 2021.
Milk and meat prices have reached their highest levels since 1990, officials said. Meat prices fell 1.2% in December, while milk prices rose 1.1%. -AFPMore
