FAO Food Price Index drops by 13.7% in 2023!
Economy Business
For 2023 as a whole, the index was 13.7 per cent lower than the average value over the preceding year, with only the international sugar price index higher over the period.The FAO Cereal Price Index increased 1.5 per cent from November, as wheat, maize, rice, and barley prices all rose, partly reflecting logistical disruptions that hindered shipments from major exporting countries. For the year as a whole, the index was 15.4 per cent below the 2022 average, reflecting well-supplied global markets, although FAO’s All Rice Price Index (part of the FAO Cereal Price Index) registered a 21 per cent increase, largely owing to concerns about the impact of El Niño on rice production and in the aftermath of export restrictions imposed by India.
The benchmark measure of world food commodity prices ends 2023 about 10 per cent below its year-earlier level
For 2023 as a whole, the index was 13.7 per cent lower than the average value over the preceding year, with only the international sugar price index higher over the period.
The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally traded food commodities, averaged 118.5 points in December, down 1.5 per cent from November and down 10.1 per cent from December 2022.
About FAO (Food and Agriculture Organization):
Headquarters: Rome, Italy
Founded: 16 October 1945, Québec City, Canada
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