The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, dipped by 1.9% in December from a month earlier, the Rome-based organization said Friday. AdvertisementThe December decline was led by a drop in the price of vegetable oils amid shrinking import demand, expectations of increased soy oil production in South America and lower crude oil prices. “Calmer food commodity prices are welcome after two very volatile years,” FAO chief economist Maximo Torero said in a prepared statement. AdvertisementWith critical Black Sea supplies disrupted, food prices rose to record highs, increasing inflation, poverty and food insecurity in developing nations that rely on imports. Prices for wheat and corn reached a record high last year, though they fell in December along with the costs of other grains, the FAO said.

Source: Huffington Post January 07, 2023 16:11 UTC