Food prices decline in December following ‘two very volatile years’ – FAO | The Guardian Nigeria News


World food prices declined for the ninth consecutive month in December, though many commodities are still at record highs, the Food and Agriculture Organisation (FAO) has said.

FAO, in its latest Food Price Index (FFPI) published on Friday, stated that the food prices had declined in December following two very volatile years of 2022 and 2021.

The UN agency has published its FFPI which tracks the monthly international prices of cereals, vegetable oil, dairy, meat and sugar.

The FFPI averaged 132.4 points in December, which is one per cent lower than the previous December 2021.

However, it averaged 143.7 points in 2022 – more than 14 per cent higher than the average value over 2021.

“Calmer food commodity prices are welcome after two very volatile years,” FAO Chief Economist Maximo Torero said.

“It is important to remain vigilant and keep a strong focus on mitigating global food insecurity given that world food prices remain at elevated levels, with many staples near…

Source: Guardian Newspaper