World food prices are down for the eighth consecutive month after reaching an all-time high in March. The FAO food price index in November was 135.7 points, which is 0.2 points lower than in October. Now the index is only 0.3% higher than its level in November 2021.
Grain Initiative
The FAO grain price index decreased by 1.3% compared to the previous month but still increased by 6.3% compared to a year ago. World prices for wheat and corn fell in November by 2.8% and 1.7%, respectively, partly under the influence of the continuation of the Black Sea grain initiative. On the contrary, world rice prices rose by 2.3%.
The FAO oil price index rose 2.3% in November, interrupting the decline for seven consecutive months. World prices for palm and soybean oil increased, and prices for rapeseed and sunflower oil fell.
The FAO dairy price index fell by 1.2% compared to October. The FAO meat price index in November was 0.9% lower than in the previous month. The FAO sugar price index rose 5.2% in November under the influence of active purchases amid a shortage of world stocks.
All-time high in March
To recap, the basic indicator of world food prices increased in March by 12.6%, reaching an all-time high. The FAO food price index was 159.3 points, which is 33.6% higher than in March 2021.
World food prices in October were generally stable, and the rise in grain prices was more than offset by a decrease in quotations for other basic products.
According to preliminary forecasts from The Food and Agriculture Organization (FAO), gross grain production in the world in 2022 will continue to grow for the fourth year in a row and may reach 790 million tons.
FAO’s estimate of world grain stocks at the end of the season in 2022 is 856 million tons, which is 2.8% higher than the initial level. This is due to the increase in corn stocks, in particular, due to the suspension of exports from Ukraine.
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