Global food prices hit record high in 2022
Despite meals costs declining for the 9th consecutive month in December, common annual international commodity costs hit a document excessive in 2022, the UN’s Food and Agricultural Organisation stated closing Friday.
The FAO’s every year meals charge index which tracks international commodities, averaged 143.7 factors in 2022, up 18 factors or 14.three percentage from the 2021 common, the best on the grounds that FAO began out taking records.
The decline withinside the index in December changed into pushed via way of means of a steep drop withinside the worldwide charge of vegetable oils, collectively with a few declines in cereal and meat costs, however mitigated via way of means of mild will increase in the ones of sugar and dairy, the FAO stated.
On a month-on-month basis, it averaged 132.four factors closing month as compared with a revised 135.00 factors for November.
“Calmer meals commodity costs are welcome after very risky years,” stated Maximo Torero, leader economist at FAO.
“It is critical to stay vigilant and maintain a sturdy consciousness on mitigating international meals lack of confidence for the reason that international meals costs stay at expanded levels, with many staples close to document highs, and with costs of rice increasing, and nonetheless many dangers related to destiny supplies,” Torero added.
Food costs surged after Russia’s invasion of Ukraine in February closing year. The war, that’s now in its 11th month, disrupted the worldwide deliver chain and reduce off shipments from the Black Sea place that money owed for 30 percentage of the main grain change and as a minimum 12 percentage of meals energy traded.
The FAO Cereal Price Index averaged 147.three factors in December, four.eight percentage above its December 2021 value. For 2022 as a whole, the FAO Cereal Price Index reached a brand new document excessive of 154.7 factors, up 23.five factors (17.nine percentage) from 2021. This surge owed to a number of factors, which include good sized marketplace disruptions, expanded uncertainties, better strength and enter costs, destructive climate in some key suppliers, and persisted sturdy international meals demand.
World costs of maize and wheat reached new document highs in 2022, averaging, respectively, 24.eight and 15.6 percentage better than their 2021 averages, whilst rice export costs had been on common 2.nine percentage above their 2021 levels.
Marking a brand new document annual excessive, Vegetable Oil Price Index averaged 187.eight factors, up 13.nine percentage from 2021.
In 2022 as a whole, the FAO Meat Price Index averaged 118.nine factors, up 11.2 factors (10.four percentage) from 2021, marking the best annual common registered on the grounds that 1990, consistent with the report. Dairy Price Index additionally expanded via way of means of 19.6 percentage from 2021.
For 2022 as a whole, the FAO Sugar Price Index averaged 114.five factors, up five.1 factors (four.7 percentage) from 2021 and accomplishing its maximum annual common on the grounds that 2012.
