In 2023, the FAO Food Price Index stood nearly 14 percent below its 2022 value, according to the report’s January edition. The December Index also declined month-on-month from November, falling 1.5 percent due to declining sugar, vegetable oil, and meat prices.
The FAO Food Price Index remained stable in November, with increased vegetable oil, dairy, and sugar prices balanced by falling cereal and meat prices. The November 2023 Index was 10.7 percent below its 2022 level.
The Cereal Price Index decreased by 3 percent in November to reach nearly 20 percent below its November 2022 level. Maize prices fell most significantly in November due to increased sales in Argentina and higher seasonal supplies in the U.S. Wheat prices also fell, albeit less sharply, due to ongoing harvests in Russia. Rice prices remained stable in November.
Food prices continued to decline, albeit more slowly, in October, according to the latest FAO Food Price Index. The Index was down 0.5 percent from September and 10.9 percent from October 2022.
The FAO Food Price Index remained virtually unchanged month-to-month in September and almost 24 percent lower than the peak reached in March 2022.
The FAO Food Price Index fell by around 2 percent in August, driven by declines in cereal, vegetable oil, dairy, and meat indices. This decline placed the Index 24 percent below the peak seen in March 2022. The major exception was rice prices, which saw a significant increase in August.