---
title: "Global food prices drop 13.7%: Relief after 2022 turmoil"
url: https://radiomoldova.md/p/28075/global-food-prices-drop-13-7--relief-after-2022-turmoil
published: 2024-01-05T17:26:00Z
language: en
author: "Olga Mînzat"
section: "International"
source: radiomoldova.md
---

# Global food prices drop 13.7%: Relief after 2022 turmoil

> After a tumultuous year, the global food price index plunged by 13.7% in 2023, offering a glimmer of hope for stability in the wake of inflation concerns.

After a tumultuous year, the global food price index plunged by 13.7% in 2023, offering a glimmer of hope for stability in the wake of inflation concerns.

![](https://storage.radiomoldova.md/images/9e173467-6f6a-4363-bbaa-d55b83f16fa2.jpg)

The United Nations Food and Agriculture Organization (FAO) reported the decline on Thursday, highlighting a welcome moderation in costs after record highs witnessed in 2022.

*"The FAO Food Price Index, which tracks a basket of five key commodities, averaged 124 points in 2023, down significantly from 143 points the previous year,"* stated the organisation in a press release. This marks the lowest annual average since 2020.

**Sugar Takes a Dive:** December witnessed a particularly sharp decline in sugar prices, plummeting by 16.6% compared to November. This followed improved production forecasts and easing global demand.

**Cereals See Mixed Signals:** While the overall cereal price index edged up 1.5% in December, reflecting reduced exports from major producers, for 2023 as a whole, cereal prices dipped by 15% compared to 2022.

**Oils and Meat Follow Suit:** Vegetable oil prices continued their downward trend, registering a 1.4% decrease in December, contributing to the overall moderation. International meat prices also softened, falling slightly by 1% compared to December 2022.

**Cautious Optimism:** The FAO attributed the 2023 decline to various factors, including:

* **Improved global crop yields:** Bumper harvests in certain regions eased supply constraints.
* **Lower input costs:** Reduced fertiliser and energy prices lessened production costs for farmers.
* **Easing geopolitical tensions:** The resolution of some international conflicts helped stabilise trading routes and market uncertainty.

However, the FAO cautioned that volatility remains a concern. *"Food prices are influenced by a complex interplay of factors,"* the press release noted, *"and further disruptions to supply chains or unexpected climate events could trigger renewed price hikes."*

The downward trend in global food prices offers a much-needed reprieve for consumers grappling with inflation. However, ongoing uncertainties underscore the need for continued vigilance and efforts to build resilient food systems.

Translation by **Iurie Tataru**