Daily Management Review

UN FAO: World food prices fall by almost 14% in 2023


In 2023, global food prices decreased by 13.7%, shows a review by the FAO (Food and Agriculture Organization of the United Nations).

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Although there was a 16.6% increase in the cereal price index in December compared to November, the statistics were still behind those of the previous year. The price index for grains fell by 15.4% at the end of 2023.

Following a brief gain in November, the price index for vegetable oils fell by 1.4% in December. Owing to an increase in the world's oil supply, the price index fell 32.7% in 2023, the lowest level in three years.

December saw a 1.6% increase in the dairy price index from November, marking the third consecutive month of increases. On an annualized basis, however, the index was 16.1% lower.

In December, the meat price index decreased 1.8% on an annualized basis and by 1% from November to December. In 2023, the price index was down 3.5% so far this year.  

December also showed the lowest sugar price index in nine months, down 16.6% from November. However, on an annual basis, it was 14.9% more.

A weighted average indicator, the FAO Food Price Index follows changes in global food commodity prices for five major food product groups.

source: fao.org