Global food prices in 2022 increased by 14.3 percent
Global food prices are set to increase by 14.3 percent annually in 2022, the Food and Agriculture Organization of the United Nations (FAO) announced on Friday.
The FAO food price index increased by 18 points compared to the previous year to 143.7 points in 2022.
The index measures monthly changes in international prices of five major food product groups – cereals, meat, dairy products, vegetable oils and sugar.
The FAO dairy price index increased by 19.6 percent, which is the highest annual average since 1990 with 142.5 points.
The Cereals Price Index increased 17.9 percent from 2021 to a record 154.7 points last year, due to significant market disruptions, higher energy and input costs, adverse weather conditions at key suppliers and continued strong global food demand.
The vegetable oil price index reached a record 187.8 points last year, and is 13.9 percent higher than the previous year.
The meat price index is up 10.4 percent from 2021 and in 2022 it was 118.9 points in 2022, the highest annual average since 1990.
The FAO sugar price index increased by 4.7 percent compared to the previous year to 114.5 points, which is the highest since 2012.