The Dhaka Times Desk According to the Food and Agriculture Organization of the United Nations (FAO), world food prices fell for the ninth consecutive month. Food prices hit record highs in 2022.
Food prices hit monthly record highs after Russia attacked Ukraine, the world's main supplier of wheat and cooking oil. Info AP's.
The FAO food price index released on January 6 fell to 132.4 points in December 2022, down 1.9 percent from November. This index tracks monthly changes in international food prices. It was also one per cent lower on average than the month of December 2021. However, the index was overall 14.3 percent higher in 2022 than the previous year as it reached an all-time high of 143.7 points.
Last year, the UN agency's food price index reached its highest level since records began in 1961, according to FAO data.
Russia's invasion of Ukraine in February last year exacerbated the food crisis as the two countries rely on global supplies of wheat, barley, sunflower oil. Their products meet the needs of several countries especially in Africa, Middle East and Asia. Those who are already struggling with hunger.
Food prices have soared to record highs due to critical supplies in the Black Sea region, increasing inflation, poverty and food insecurity in import-dependent developing countries.
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