Geneva Press Briefing: FAO Food Price Index ends 2022 lower than a year earlier
Geneva - Boubaker Ben-Belhassen, FAO Director of Markets and Trade Division, addressed the Geneva Press Corp on the latest updates of the FAO Food Price Index for December 2022 at the Biweekly Press Briefing organized by the United Nations Information Service (UNIS) in Geneva.
Boubaker Ben-Belhassen informed that the FAO Food Price Index dropped nearly 2 percent from November, marking the ninth consecutive monthly decline and standing 1.3 percent below its value a year before. The decrease in the index in December was driven by a steep drop in the international prices of vegetable oils, along with some declines in cereal and meat prices, but partially counterbalanced by moderate increases in those of sugar and dairy. For 2022 as a whole, however, the FFPI had averaged as much as 14.3 percent higher than in 2021, meaning that the same basket of these commodities costed 14.3 percent more in 2022 than it did in 2021.
Ben-Belhassen specified that the FAO Cereal Price Index had averaged 147.3 points in December, down 1.9 percent from November, but still 6.8 percent above its December 2021 value. This increase was due to a host of factors, including significant market disruptions, increased uncertainties, higher energy and input costs, adverse weather in a few key suppliers, and continued strong global food demand. The FAO Vegetable Oil Price Index in December dropped by 6.7 percent from November and reached its lowest level since February 2021. The FAO Meat Price Index had averaged 113.8 points in December, down 1.4 percent from November, marking the sixth consecutive monthly decline, but remained 2.5 percent above its level a year earlier. The December decline was driven by lower world prices of bovine and poultry meats. Finally, the FAO Dairy Price Index rose in December by 1.1 percent from November, registering an increase after five months of consecutive declines and surpassing by 7.9 percent its value a year before.
Ben-Belhassen stressed that it is important to stay vigilant as food prices remain at an elevated level and world markets are still subject to volatility. Increased import costs had placed additional fiscal pressure on poor, food-importing countries. It is important to keep export trade routes open and avoid restrictions, he said. Replying to questions, he said that, despite the Black Sea Grain Initiative, Ukraine was still far from its export potential.
FAO Liaison Office in Geneva
Based in Geneva, a hub of international cooperation and multilateral diplomacy, FAO Liaison Office (LOG) promotes to the Geneva-based partners FAO’s contribution to the 2030 Agenda through its 2022-31 Strategic Framework. Moreover, the Liaison Office monitors and informs the Geneva-based deliberations to strategically position the Organization in line with its mandate and champion key thematic issues. As part of its liaison work, FAO in Geneva cooperates with the United Nations Information Service (UNIS) in Geneva to communicate and highlight the role of food and agriculture in achieving the Sustainable Development Goals (SDGs).
Related links
Geneva Press Briefing (10 January 2023)
FAO Food Price Index website
