Global Food Prices

Vegetable oils fell 3.0%, some 47.7% down on the level the index hit in March 2022, while the dairy index was down 0.8%

Global prices for food commodities like grain and vegetable oils were the highest on record last year even after falling for nine months in a row, the U.N. Food and Agriculture Organization said, as Russia's war in Ukraine, drought and other factors drove up inflation and worsened hunger worldwide. The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, dipped by 1.9% in December from a month earlier, the Rome-based organization said Friday. For the whole year, it averaged 143.7 points, more than 14% above the 2021 average, which also saw large increases. The December decline was led by a drop in the price of vegetable oils amid shrinking import demand, expectations of increased soy oil production in South America and lower crude oil prices. Grain and meat were also down, while dairy and sugar rose slightly. Calmer food commodity prices are welcome after two very volatile years, FAO chief economist Maximo Torero said in

The world food import bill is estimated to rise to US$1.94 trillion in 2022, higher than previously expected, according to the latest Food Outlook forecast released by the FAO

The continued decline offers some relief to households grappling with a cost-of-living crunch. The index is down for seventh month, its longest slump in 9 years, and food inflation has begun to slow

Turkish annual inflation accelerated for the 17th month in a row in October, driven by a surge in food prices and energy costs, to its likely peak during President Erdogan's two decades in power

Russia announced Saturday that it will immediately suspend its implementation of a U.N.-brokered grain deal that has seen more than 9 million tons of grain exported from Ukraine during the war and has brought down soaring global food prices. The Russian Defense Ministry cited an alleged Ukrainian drone attack Saturday against Russia's Black Sea Fleet ships moored off the coast of occupied Crimea as the reason for the move. Ukraine has denied the attack, saying that the Russians mishandled their own weapons. The Russian declaration came one day after U.N. chief Antonio Guterres urged Russia and Ukraine to renew the grain export deal, which was scheduled to expire on Nov. 19. Guterres also urged other countries, mainly in the West, to expedite the removal of obstacles blocking Russian grain and fertilizer exports. The U.N. chief said the grain deal brokered by the United Nations and Turkey in July helps "to cushion the suffering that this global cost-of-living crisis is inflicting o

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FAO's cereal price index rose 1.5 per cent month-on-month in September, with wheat prices climbing 2.2 per cent

Despite the monthly decline, the May index was still 22.8% higher than a year earlier, pushed up in part by concerns over the impact of the Russian invasion of Ukraine

Higher global food prices are part of a wider trend of cost-of-living increases already at work in both advanced and emerging economies.

Analysts and companies have warned that demand could slow as the Ukraine war and Indonesia's ban on palm oil exports result in higher global food prices

The notice comes as Chinese authorities spare no effort to raise domestic production in spring ploughing season, which started from early April

Hungary, Indonesia and Argentina have imposed trade barriers on agricultural exports

India should take advantage of higher global food prices

The Food and Agriculture Organization's food price index averaged 133.2 points last month compared with a revised 129.2 for September

Average inflation across emerging markets is still at an all-time low, according to a Bloomberg gauge of consumer price indexes

The FAO Cereal Price Index averaged 168.1 points in January, up marginally from December and almost 11.5 points (7.3 per cent) above its January 2018 level

Global food prices rose for the third consecutive month in July to hit the highest in 31-month due to a sharp increase in the prices of cereal, sugar and dairy products following hot and dry weather to damage wheat crop in North America.Data compiled by the Food and Agricultural Organisation (FAO) of the United Nations showed average global food prices increased by 2.3 per cent in July as compared to June primarily driven by a sharp increase in the prices of rice, wheat, sugar, milk and cheese. FAO's Food Price Index averaged at 179.1 points in July 2017, up by 3.9 points or 2.3 per cent from June.This latest rise put the Index nearly 16.6 points (10.2 per cent) above last year's level and at its highest since January 2015. A combination of supply constraints and currency movements provided support to prices of most cereals, sugar and dairy. Instead, meat values remained steady month-on-month, whereas the vegetable oil index edged down."The Cereal Price Index averaged 162.2 points in .