FAO global food price index decreased substantially in 2023

The Food and Agriculture Organization of the United Nations (FAO) Food Price Index stood at 118.5 points in December 2023, a drop of 1.8 points (1.5%) compared to the November level, already that reductions in price indices for sugar, vegetable oils and meat more than offset increases in dairy and cereals. The index was 13.3 points (10.1%) below the corresponding level a year ago. For 2023 as a whole, the index registered 124.0 points, 19.7 points (13.7%) below the average value in 2022. The FAO Meat Price Index reached an average of 110.4 points in December, a drop of 1.1 points (1.0%) compared to November, remaining 2.0 points (1.8%) below the corresponding value from one year ago. In December, international pork prices fell, supported by weak and persistent import demand from Asia, despite an increase in seasonal domestic sales in some exporting countries. Meanwhile, beef and poultry prices also fell, reflecting less active buying interest in Asia as well as ample exportable ...