The UN reported that world food prices fell for an ninth month in a row in December. This was the longest stretch of consecutive monthly price reductions since records began. However, the overall yearly price was the highest recorded since 2012.
Ukraine is a major supplier of wheat and cooking oil; consequently, food prices rose to a monthly record in March after Russia invaded the country.
The United Nations and Turkey agreed to unblock Ukrainian grain exports after a Russian naval blockade was put in place.
The Food and Agriculture Organization reported Friday that the cost of a basket of food items tracked by their index decreased 1.9 percent from November to December. This happened due to the fact that their index tracked international prices for a monthly supply of food.
Compared to December of the previous year, sales dropped 1% each month.
The index reached an all time high of 143.7 points in 2022. It increased by 14.3% over the previous year.