Global food prices in 2022 compared to 2021 rose by 14.3%, according to the FAO (Food and Agriculture Organization of the United Nations).
The FAO food price index was 132.4 points in December, down 1.9 percent from November. The decline has been going on for nine months. Compared to December 2021, the index was 1 percent lower. “The decrease in the index in December compared to November was due to a sharp fall in global vegetable oil prices along with some declines in grain and meat prices. However these were partly counterbalanced by modest increases in sugar and dairy prices,” the FAO survey said.
Cereal price index in December compared to November decreased by 1.9%, but it was 4.8% higher than in December 2021. For 2022, the Cereal Price Index reached a new record of 154.7 points and was 17.9% higher than in 2021. It was also 8.8% higher than the highest annual average in 2011. In 2022, global corn and wheat prices reached a new record high and were 24.8% and 15.6%, respectively, above the 2021 average.
The vegetable oil price index fell 6.7% in December compared to November and was the lowest since February 2021. This is due to the fall in world prices of palm, soybean, rapeseed and sunflower oils, explained in the review. In addition, a decrease in world quotations of vegetable oils was contributed by reduction of prices for crude oil.
At the end of 2022, the vegetable oil price index was 187.8 points, which is 13.9% higher than in 2021, and was the highest annual average.
The price index for dairy products in December was 1.1% higher than in November. It rose after five months of decline and was 7.9% higher than in December 2021. At the end of 2022, the index was 142.5 points, up 19.6% from 2021. This is the highest figure since 1990.
The Meat Price Index in December was 1.2% lower than in November. The decline has been going on for six months. But compared to December 2021, the index was 2.5% higher. “The decrease in the index in December was due to a drop in world beef and poultry prices, which was partially offset by an increase in pork and lamb prices,” the survey said. At the end of the year, the index was 118.9 points, 10.4 points higher than in 2021. It was the highest since 1990.
The sugar price index in December compared to November rose by 2.4%. The increase continues for a second month, with prices reaching their highest level in six months. At the end of 2022, the index was 114.5 points, up 4.7% from 2021. This is the highest figure since 2012.
The FAO Food Price Index is a weighted average that tracks the international price movements of five major food commodity groups.
