Status: 06.01.2023 1:05 p.m
Vegetable oil, meat, sugar, milk: global food prices have reached record levels in 2022. According to the Food and Agriculture Organization (FAO), prices rose by 14 percent compared to the previous year.
According to the Food and Agriculture Organization (FAO), global food prices will reach an all-time high in 2022. Compared to the previous year, there was an increase of more than 14 percent, as the UN organization announced. It records the international prices of the world’s most traded food commodities in a barometer.
Highest annual price increase since 1990
For full-year 2022, the benchmark index hits its highest level since records began in 1990. Food prices rose following Russia’s invasion of Ukraine in February 2022, also amid fears of disruption to trade across the Black Sea. This effect was reduced by the Ukraine Grains Agreement brokered by the United Nations and Turkey. It states that despite the war, Ukraine can ship its grain, other foodstuffs, fertilizer and ammonia through a protective corridor in the Black Sea.
However, inflation in the food sector is falling worldwide, as the FAO barometer shows: December marked the ninth consecutive month of decline. According to the FAO, this development is being driven by the sharp fall in the price of vegetable oils. Cereals and meat have also become somewhat cheaper. At the same time, the prices for sugar and dairy products rose slightly.