World Food Prices

World food prices fell in January for a 10th consecutive month, and are now down some 18% from a record high hit last March following Russia's invasion of Ukraine, the United Nations food agency said

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

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

The index fell to the lowest since January, before Russia's blockade of ports in Ukraine

High food inflation forces restaurants to hike prices; ban on service charge will likely lead to further increases in the prices of dishes on the menu

Agricultural commodity prices have risen steeply in the past year, driven by harvest setbacks and strong demand

FAO's food price index, which tracks international prices of the most globally traded food commodities, averaged 130.0 points last month, the highest reading since September 2011

On a year-on-year basis, prices were up 32.9% in August.

Food prices have always been cyclical, and most agricultural futures are now off their peaks from early May

On a year-on-year basis, prices were up 33.9% in June.

World food prices increased for an 11th consecutive month in April, hitting their highest level since May 2014, with sugar leading a rise in all the main indices, says the United Nations food agency

World food prices rose for a 10th consecutive month in March, hitting their highest level since June 2014, led by jumps in vegetable oils, meat and dairy indices, the United Nations food agency said

World food prices rose for a ninth consecutive month in February

Wheat prices increased 6.8%, driven by strong global demand and expectations of reduced sales by Russia

World food prices rose for the seventh consecutive month in December, led by dairy products and vegetable oils, according to Food and Agriculture Organisation of the United Nations.The FAO Food Price Index averaged 107.5 points in December, 2.2 per cent higher than in November. Over the whole of 2020, the benchmark index -- which tracks monthly changes in the international prices of commonly-traded food commodities -- averaged 97.9 points, a three-year high and a 3.1 per cent increase from 2019 although still more than 25 per cent below its historical 2011 peak.The FAO Cereal Price Index rose 1.1 per cent from November and for all of 2020 averaged 6.6 per cent above the level of 2019. Export prices for wheat, maize, sorghum and rice all rose in December, moving higher in part due to concerns over growing conditions and crop prospects in North and South America as well as the Russian Federation.On an annual basis, rice export prices were 8.6 per cent higher in 2020 than in 2019, while .

Vegetable oil prices led the upward charge in the overall index, surging 14.5% month-on-month.

In contrast, international rice prices rose over the month, buoyed by strong demand from buyers from the Far East and East African buyers

Dairy prices dropped 3.3% from October, for a sixth straight monthly decline

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