In a recent analysis by the U.N. Food and Agriculture Organisation, a decline in global prices for food commodities like grain and vegetable oil has been reported.
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This shift marks a drop from the record highs experienced in 2022.
Factors contributing to the 2022 peak included Russia’s war in Ukraine and widespread drought, exacerbating hunger issues worldwide.
FAO Food Price Index
The FAO Food Price Index which monitors the monthly changes in the international prices of commonly traded food commodities, showcased a notable decrease.
Last year, the index was 13.7 per cent lower compared to the average prices in 2022.
