Food in the world has become cheaper by 10.5% over the year

World food prices fell by more than 10% over the year, and in February of this year by 0.7%.

This data was provided by the UN Food and Agriculture Organization FAO, whose main goal is to fight hunger. The Cereal Price Index is down 5.0% since January and is 22.4% below February 2023.

Export prices for corn fell mainly due to expectations of large harvests in Argentina and Brazil, and competitive prices from Ukraine. World prices for wheat decreased due to high export rates from Russia, which put pressure on prices from other countries.

On rice Global prices fell 1.6% in February as, apart from purchases from Indonesia, demand for fresh imports remained generally slow.

Price index for oil fell 1.3% and 11.0% below last year’s level. The decline was mainly reflected in world prices for soybean, sunflower and rapeseed oils, which more than offset the slight increase in palm oil prices.

Price index for dairy products in February increased by 1.1%, but was 13.4% lower than in the corresponding month last year. In February, world prices for butter grew the most.

Price index for meat in February grew by 1.8%, which is 0.8% lower than the corresponding value a year ago. International price quotes for poultry increased the most, followed by beef.

On sugar The price index in February increased by 3.2% and is 12.5% ​​higher than the value of a year ago. Persistent concerns about the prospects for the upcoming season in Brazil, following a prolonged period of below-average rainfall, continued to support global sugar prices, adding to seasonal upward pressure.

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