According to FAO, it recorded an average of 132.4 points in december, down 1.0% from a year earlier. However, for 2022 as a whole, the index, which reflects the monthly variation of international prices of the most traded food commodities, averaged 143.7 points, 14.3% above its average value throughout 2021.

Global vegetable oil quotations led the decline, with the FAO vegetable oil price index falling by 6.7% from november to reach its lowest level since february 2021.

The FAO cereal price index declined 1.9% from november. In addition, international rice prices rose, driven by Asian purchases and currency appreciation against the U.S. dollar for exporting countries.

The FAO meat price index fell 1.2% in December from november, as lower world beef and poultry prices weighed more than higher pork and sheep prices.

Pork prices rose due to strong domestic demand over the festive period, especially in Europe.

The FAO Dairy Price Index rose by 1.2 percent in december, following five months of consecutive declines. Higher international cheese prices, reflecting tighter market conditions, drove the monthly increase in the index, while international quotations for butter and milk powder fell.

The FAO sugar price index also increased, rising 2.4% from november, mainly due to concerns about the effect of adverse weather conditions.

Translated by: A.M