Global food prices decrease, but food price inflation in some countries remains high
FAO Chief Economist Máximo Torero Cullen briefed journalists at the United Nations in New York on the FAO Food Price Index for February 2023.
The FAO Food Price Index, the gauge for world food commodity prices, decreased in February for the eleventh month in a row, reflecting drops in quotations for vegetable oils and dairy products that more than offset the steep rise in sugar prices. The Index, which tracks monthly changes in world prices of five major food commodity groups – cereals, vegetable oils, meat, dairy products and sugar – averaged 129.8 points in February, a marginal 0.6-percent decrease from January, but already an 18.7 percent drop from its peak in March 2022.
Connecting virtually at a press briefing in the United Nations in New York, organized by the Office of the Spokesperson of the Secretary-General, FAO Chief Economist Máximo Torero Cullen explained the latest trends and price fluctuations.
“Compared to mid 2020, when food prices began to rise due to a confluence of factors – supply chain disruptions due to COVID-19, high and volatile energy prices, and extreme weather events – international food prices remain high,” Torero said. He warned that while global food price trends point downward, domestic food price inflation remains especially high in many countries. Read more.