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The Food and Agriculture Organization of the United Nations (FAO) announced that the global prices of food products continued to decline last December, and fell below the level they were a year ago.
Agence France-Presse stated that the organization's food price index, which is used to measure the monthly change in international prices for a basket of basic food commodities, declined by 1.9 percent in December compared to the previous November, which is the ninth consecutive decline after the record rise recorded last March.
This index reached 132.4 points in December, which is 1 percent lower than its level recorded a year ago. However, for the year 2022 as a whole, the FAO Food Price Index averaged 143.7 points, which represents an increase of 18 points, or 14.3 percent, compared to 2021.
It is good that food commodity prices have calmed down after two years of extreme volatility, said FAO Chief Economist Maximo Torero, adding that it is necessary to remain vigilant and focus on alleviating global food insecurity.
The FAO Vegetable Oil Price Index declined by 6.7 percent from its level recorded in November, and reached its lowest level since February 2021.
The decline in the index in December was attributed to a decline in the international prices of palm oils, soybeans, rapeseed and sunflower seeds.
The cereals index fell 1.9 percent from November, as current seasons in the southern hemisphere boosted supplies and competition among exporters remained strong, the organization said.
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