What's New

The FAO Food Price Index continued its nine-month decline in December 2022, falling by an additional 1.9 percent. The decline was driven mostly by falling vegetable oil, cereal, and meat prices. However, overall in 2022, the Index was over 14 percent higher than its 2021 level, reflecting continued high prices driven by conflict, climate, and market concerns.

The FAO Food Price Index held steady in November and was only 0.3 percent above its November 2021 level. Rising vegetable oil prices were checked by declines in cereal prices.

The October FAO Food Price Index remained largely unchanged from September, with rising cereal prices balanced by declines in the other commodity groups. The overall Food Price Index has fallen by almost 15 percent from March 2022 but remains 2 percent above its October 2021 levels.

The latest FAO Food Price Index reports that global food prices fell by 1.5 percent in September. However, the Index remains 5.5 higher than its September 2021 level. The decline from August was driven by significant drops in vegetable oil prices and more moderate drops in sugar, meat, and dairy products; cereal prices rose in September.

Marking the third consecutive monthly decline, the FAO Food Price Index fell 2.3 percent in June 2022 from the previous month, driven by declines in vegetable oils, sugar, and cereal prices while meat and dairy prices rose. Despite this continued decline, the index is still 23.1 percent above June 2021 levels.