The FAO revealed that global food prices will decline by 13.7 percent during 2023 compared to the previous year, with a noticeable decline in the prices of vegetable oils and grains.
The FAO index, which measures the change in international prices for a basket of basic food commodities, saw a 15.4 percent year-on-year decline for cereals. According to FAO, this result "reflects the large inventory of global markets", but contradicts "the rise in prices in 2022 due to the war in Ukraine." The decline is even more pronounced in cereal prices, mainly wheat and corn, while the rice price index increased by 21 percent during this period.
Source (Al-Arab Newspaper of London, Edited)
