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Food prices surged after Russia invaded Ukraine in February last year on fears of disruptions to Black Sea trade. They have pared some of their gains since partly because of a U.N.-backed grain export channel from Ukraine and the prospect of improved supplies in producing countries.
A surge in the cost of most food commodities last year, as the disruption caused by Russia’s invasion of Ukraine raised concerns of shortages, sent the U.N. food agency’s average price index to the highest level on record.
In 2022, the global fresh food market experienced unprecedented levels of volatility due to a combination of factors, including the ongoing Russia-Ukraine war and severe droughts in various parts of the world.
The Food and Agriculture Organization’s (FAO) food price index, which tracks international prices of the most globally traded food commodities, averaged 143.7 points in 2022, up 14.3% from 2021, and the highest since records started 1990, the agency said on Friday.
The index had already gained 28% in 2021 from the previous year as the world economy recovered from the impact of the pandemic.
In December, the benchmark index fell for the ninth consecutive month to 132.4 points, compared with a revised 135.00 points for November. The November figure was previously given as 135.7 points.
“Calmer food commodity prices are welcome after two very volatile years,” FAO Chief Economist Maximo Torero said.
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