Driven by rising energy and fertilizer prices caused by the ongoing conflict in Ukraine, global food prices will rise 14.3% in 2022 compared to the previous year, it said. the Food and Agriculture Organization of the United Nations (FAO).
In 2022, the FAO sub-indices show that the prices of cereals are up by 17.9% compared to 2021, those of vegetable oils by 13.9%, those of dairy products by 19.6%, those of meat by 10.4% and sugar by 4.7%.
In December 2022, the FAO Food Price Index fell 1.9% from the previous month, recording its ninth consecutive monthly decline. Nevertheless, the index rose so much in the first months of the year that it ended 2022 well above the 2021 average.
December’s decline was largely due to markets adjusting to distribution disruptions, higher transportation prices and lower demand resulting from slowing global economic growth.
The FAO has repeatedly warned that rising food prices threaten global food security, especially in poor countries.