Global Food Price Index – Continues to Moderate Downwards

Touch the Soil News #2044 (photo – FAO Logo) (Courtesy of FAO/Public Domain)

The Food and Agriculture Organization (FAO) a division of the United Nations, keeps track of the global commodity prices, what nations have to buy food at from producers. Back in 2022, global commodity prices reached their highest levels in history. Since that time, things have eased. Following are the five (5) commodity groups the FAO follows and what has happened to the costs of those groups from 2022 to year end 2023.

Meat – Prices declined by 7 percent

Dairy – Prices declined by 18.5 percent

Cereals – Prices declined by 20.6 percent

Vegetable Oils – Prices declined 34.8 percent

Sugar – Prices increased by 17.6 percent

All Groups – Combined Prices decreased by 17.5 percent

The most volatile food group was vegetable oils. This would be a good food to have in one’s food storage. You can visit the FAO Food Price Index page here: https://www.fao.org/worldfoodsituation/foodpricesindex/en/