Crop Biotech Update

FAO Index Shows Dip in Global Food Prices

January 26, 2022

Global prices of food slightly went down as international prices for vegetable oils and sugar decreased significantly, according to the Food and Agriculture Organization of the United Nations (FAO).

The FAO Food Price Index averaged 133.7 points in December 2021, which indicates a 0.9 percent decrease from the previous month and 23.1 percent from the previous year. The FAO Food Price Index monitors the monthly changes in the international prices of commonly-traded food commodities. For the whole year of 2021, the index averaged 125.7 points, which is 28.1 percent higher than the previous year.

"While normally high prices are expected to give way to increased production, the high cost of inputs, ongoing global pandemic and ever more uncertain climatic conditions leave little room for optimism about a return to more stable market conditions even in 2022," said FAO Senior Economist Abdolreza Abbassian.

Read the news article from FAO.

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