What's New

In the weeks following Russia's invasion of Ukraine in late February 2022, several countries imposed export restrictions—including licensing requirements, taxes, and some outright bans—on a variety of feed and food products. These measures helped to fuel war-related disruptions in global markets and contributed to higher prices and increased price volatility.

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 latest Food and Agriculture Organization of the United Nations (FAO) Food Outlook, released on November 11, 2022, sees continued challenges for global food security due to high energy and fertilizer costs, climate change, trade restrictions, economic downturns, and continuing conflicts around the world.

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 FAO Food Price Index hit a record high in February, exceeding the previous record of February 2011. The index rose 3.9 percent from January and 20.7 percent from February 2021. Vegetable oil, dairy, cereal, and meat price increases all contributed to the continued surge.