FAO: Global food prices to hit record high in 2022

The Food and Agriculture Organization of the United Nations (FAO) reported today, Friday, that global prices for staple foods hit a record high in 2022.

In particular, global food prices reached their “highest level ever recorded” in March, days after the start of the Russian military operation in Ukraine on February 24.

The FAO Food Price Index, which is used to measure the monthly change in global prices for a basket of staple foods, hit 132.4 in December, “1% below the level recorded a year earlier.” The FAO Food Price Index averaged 143.7 points, up 18 points or 14.3% from 2021.

The latest record dates back to 2011, when Africa experienced a food crisis and hunger riots, and the score at that time was 131.9 points.

The Russian military operation has exposed the fragility of countries dependent on Ukrainian and Russian grain, especially poor countries, raising fears of a new global food crisis.

The world was able to avoid the worst in 2022 after the United Nations predicted widespread famine, but according to the FAO, global food bills are expected to rise by 10% in 2023.

FAO said “international prices for wheat and corn reached record levels” in 2022 as the European market price per tonne of wheat at the beginning of the year was 270 euros, to rise throughout the year and will reach about 315 euros at the end of December , which is equivalent to an increase of approximately 17% year on year.

The Food and Agriculture Organization of the United Nations noted that meat and milk prices have reached “the highest annual level since 1990”.

At the same time, food prices fell in April and continued to decline steadily for nine months, while the FAO index fell by 1.9% compared to November 2022, which is the ninth consecutive fall after a record increase recorded in March.

Tensions generally eased in July following the signing of an agreement to resume exports of Ukrainian wheat via the Black Sea.

“It is good that food prices have calmed down after two years of extreme volatility,” said FAO Chief Economist Maximo Torero.

He added: “We need to remain vigilant and focus on reducing global food insecurity. future deliveries.

Source: AFP