World food prices ease further in November, says FAO
December 02, 2022 / 2:37 PM
Sharjah24 - Reuters: The United Nations food agency's world price index decreased slightly in November, marking the eighth consecutive month that it has declined since reaching a record high in March during Russia's invasion of Ukraine.
The Food and Agriculture Organization's (FAO) price index, which tracks the most globally traded food commodities, averaged 135.7 points last month, down from 135.9 for October, the agency said on Friday.
The October figure was unchanged from the FAO's previous estimate.
Lower readings for cereals, meat and dairy products in November offset higher prices for vegetable oils and sugar, the FAO said.
Last month's agreement to prolong a U.N.-backed grain export channel from Ukraine for another 120 days has tempered worries about war disruption to massive Black Sea trade.
The slight decrease in November meant that the FAO food index is now only 0.3% above its level a year earlier, the agency said.
The indicator, however, remains at historically high levels after reaching a 10-year peak in 2021 owing to harvest setbacks and brisk demand led by China.
The FAO warned last month that expected record food import costs in 2022 would lead the poorest countries to cut back on shipped volumes.