Touch the Soil News #1919 (Feature Photo – Food Price Index Chart – Courtesy of the Food and Agriculture Organization)
The Food and Agriculture Organization just published its food price index for March 2023. Overall, the index nudged down from 129.7 to 126.9 – a little over 2 percent. For the past 12 months, the overall Food Price Index has fallen modestly each month. A year ago, in March 2022, the Food Price index was 159.7, the highest on record. While these food prices are for basic commodities, that in an industrial nation like the U.S. only represents a small portion of the food price. Processing, manufacturing, transportation, and retailing all add more to cost of food, making it less likely for Americans to feel the drop. Conversely, poor nations who eat and prepare from scratch, the drop is probably a welcome relief.
Visit the FAO Food Price Index Report Here: https://www.fao.org/worldfoodsituation/foodpricesindex/en/
