Global Food Prices Ease in November 2022

Viva Budy Kusnandar 06/12/2022 16:50 WIB

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In November 2022, the World Food Price Index fell slightly by 0.1% compared to the previous month.

FAO World Food Price Index (November 2021–November 2022)

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Global Food Prices Ease in November 2022

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FAO World Food Price Index (November 2021–November 2022)

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Global food prices eased after a surge due to the Russia-Ukraine war.

This is reflected in the Food and Agriculture Organization's (FAO) Food Price Index, which averaged 135.7 points in November 2022, a slight 0.1% decrease compared to the previous month (month-on-month/mom).

The FAO Food Price Index is an indicator of changes in international food commodity prices. This index consists of an average of price indices for five commodity groups, weighted by average export market share.

Despite the monthly decline, the average FAO Food Price Index increased by 0.1% year-to-date (ytd) from January to November 2022. Similarly, compared to November 2021, the index increased by 0.3% year-on-year (yoy).

From January to November 2022, the food commodity with the highest price index increase was cereals, rising by 6.9% (ytd).

During the same period, the meat price index rose by 4.4% (ytd), the dairy price index rose by 3.7% (ytd), and the sugar price index rose by 1.4% (ytd), while the vegetable oil price index fell sharply by 16.8% (ytd).

In November 2022, the wheat price index also fell by 2.8% month-on-month (mom). This occurred after Russia joined the Black Sea Grain Initiative, an agreement to ensure the safety of merchant vessels exporting cereals from Ukraine.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."