The United Nations Food and Agricultural Organization, FAO, reported on Friday that global food prices fell for the 12th consecutive month in March.
It was the first time the index had declined for an entire year, according to the report.
The FAO’s wide Food Price Index fell to 2.1% in March, bringing it down to 20.5% since reaching an all-time high one year ago after a large increase following the Russia-Ukraine conflict.
Grains and cereals, the index’s largest component, fell to 5.6 percent from the previous month and 18.6 percent over the previous year.
Wheat prices fell the highest among grains and cereals, falling 7.1% as exports from Ukraine across the Black Sea assuaged market concerns.
Corn prices fell 4.6% as a result of high output in South America, while rice prices fell 3.2% as a result of crop prospects in India, Vietnam, and Thailand.
Prices for vegetable oils fell by 3% in March and by a stunning 47.7% when compared to March 2022 estimates.
Meanwhile, dairy prices fell by 0.8% in March, adding to a 10.7% drop year on year, while meat prices rose by 0.8 percent in March but down by 5.3% year on year.
According to FAO, the key factors driving price decreases over the last year were decreasing demand and modifications to global supply chain constraints, such as increasing competition among providers.
Sugar prices, which climbed 1.5% in March to their highest level since October 2016, were the primary exception to this trend.
Despite the lower prices, FAO officials have frequently cautioned in recent months that fuel supply concerns and other market uncertainties pose a threat to many of the world’s poorest countries.
The FAO Food Price Index is based on global prices for 23 food commodity categories, encompassing 73 different products, and is compared to a baseline year.
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