• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 5, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Food prices drop after two volatile years – FAO

FAO

The Matters Press by The Matters Press
January 7, 2023
Reading Time: 2 mins read
0
FAO sensitises farmers on safety standards in food production, processing

World food prices declined for the ninth consecutive month in December, though many commodities are still at record highs, the Food and Agriculture Organisation (FAO) has said.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

FAO, in its latest Food Price Index (FFPI) published on Friday, stated that the food prices had declined in December following two very volatile years of 2022 and 2021.

The UN agency has published its FFPI which tracks the monthly international prices of cereals, vegetable oil, dairy, meat and sugar.

The FFPI averaged 132.4 points in December, which is one per cent lower than the previous December 2021.

However, it averaged 143.7 points in 2022 – more than 14 per cent higher than the average value over 2021.

“Calmer food commodity prices are welcome after two very volatile years,” FAO Chief Economist Maximo Torero said.

“It is important to remain vigilant and keep a strong focus on mitigating global food insecurity given that world food prices remain at elevated levels, with many staples near record highs, and with prices of rice increasing, and still many risks associated with future supplies,” he added.

The FFPI was “notably higher” in 2022 than in 2021, which on top of large increases that year sparked “significant strains and food security concerns” for poorer food-importing countries, FAO said.

This led the International Monetary Fund (IMF) to adopt a “Food Shock Window”, inspired by the agency.

World prices of wheat and maize reached record highs in 2022 and the average value of vegetable oils hit a new record, while individual indexes for dairy and meat prices also marked their highest full-year levels since 1990.

The lower FFPI in December was led by a decrease in the Vegetable Price Index, which dropped 6.7 per cent from the previous month, reaching its lowest level since February 2021.

“International quotations for palm, soy, rapeseed and sunflower seed oils all declined last month, driven by subdued global import demand and prospects of seasonally rising soy oil production in South America as well as declining crude oil prices,” FAO said.

The Cereal Price Index declined by nearly two per cent over November.

Ongoing harvests in the southern hemisphere boosted wheat supplies for export, while strong competition from Brazil drove down maize prices.

However, rice prices rose, largely bolstered by “Asian buying and currency appreciation against the United States dollar for exporting countries”

December also saw 1.2 per cent downward slide in the Meat Price Index. For example, bovine meat prices were affected by “lacklustre demand for medium-term supplies”, FAO said, whereas poultry costs were pushed down due to “more-than-adequate export supplies”.

Meanwhile, pig meat prices increased, largely supported by solid pre-Christmas demand, particularly in Europe.

The Dairy Price Index rose by 1.2 per cent in December, following five consecutive months of declines.

FAO attributed this to higher international cheese prices, reflecting tightening market conditions, though international quotations for butter and milk powder declined.

The Sugar Price Index also jumped 2.4 per cent from November, which was mostly due to concerns over the impact of adverse weather conditions on crop yields in India as well as sugarcane crushing delays in Thailand and Australia.

Tags: FAOfood
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Next Post
Experts validate Nigeria’s implementation strategies for success under AfCFTA

Redesigned banknotes top notch - NSPM

Nigeria to promote digital innovation, entrepreneurship – Pantami

Firm to inaugurate digital marketing boot camp for SMEs

Recommended Stories

Vitafoam subsidiary produces oil filter for automobiles

Vitafoam declares N1.9bn dividend

March 3, 2022
Nigeria shifts attention to youth uplift, plans a month confab

Nigeria shifts attention to youth uplift, plans a month confab

October 1, 2024
Increasing popularity of dog meat in  Nigeria piques animal protectors

Increasing popularity of dog meat in Nigeria piques animal protectors

March 13, 2021

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us