fbpx
HomeNewsIn 2022, global food prices will reach a record high due to...

In 2022, global food prices will reach a record high due to conflict and drought

OYO

OYO debuts first luxury hotel in Dubai, targets expansion of premium property portfolio

0
OYO, the h͏ospitality an͏d travel tech platform, has launched its first luxury hotel in Dubai, Palette Royal Reflections Hotel and Spa. This ͏mov͏e comes...
The Leela Gandhinagar Diya Menu

The Leela Gandhinagar unveils Diya’s delectable new menu with exciting additions

0
Diya, th͏e͏ ͏upsc͏ale͏ In͏di͏a͏n͏ specialty restaurant loc͏at͏ed ͏at ͏The Leela Gandhinagar,͏ h͏͏as rece͏ntly ͏͏ov͏͏͏er͏haule͏d ͏͏it͏͏s menu,͏͏ in͏͏͏troducing ͏a͏ variety of ͏ne͏w͏ d͏ish͏es͏͏͏ to͏ off͏er...

The U.N. Food and Agriculture Organization reported that despite falling for nine consecutive months, global prices for food commodities like grains and vegetable oils reached their highest levels ever last year as the Russian military conflict in Ukraine, a drought, and other factors increased inflation and exacerbated hunger around the world.

The FAO Food Price Index, which analyzes monthly changes in the prices of frequently traded food commodities on the worldwide market, fell by 1.9% in December compared to a month earlier, the Rome-based organization reported on Friday. Its annual average of 143.7 points was more than 14% higher than the average for 2021, which also experienced significant gains.

The price of vegetable oils fell in December, which contributed to the overall fall, along with reduced crude oil prices, projections of increasing soy oil supply in South America, and a decline in import demand. Additionally, grain and meat declined, but dairy and sugar saw a tiny increase.

After two years of extreme volatility, lower food commodity prices are welcome, said FAO Chief Economist Maximo Torero in a prepared statement. Given that food prices are still high globally, several staples are approaching record highs in price, rice prices are rising, and there are still numerous concerns associated with future supplies, it is crucial to maintain vigilance and maintain a strong focus on mitigating global food insecurity.

According to FAO data, the food price index for the U.N. agency reached its highest level last year since records first began in 1961.

Because Russia and Ukraine were the world’s top producers of wheat, barley, sunflower oil, and other products, particularly for countries in parts of Africa, the Middle East, and Asia that were already experiencing a food crisis, the two countries’ invasion of Ukraine in February exacerbated a food crisis.

Due to the disruption of crucial Black Sea supplies, food prices increased to all-time highs, causing inflation, poverty, and food insecurity in poor countries that depend on imports.

The supply of fertilizer and energy, both essential to food production, were severely shaken by the war. Along with other environmental shocks, such as those in the Horn of Africa, this contributed to the hunger there. The United Nations has issued a famine alert for sections of Somalia as Ethiopia, Somalia, and Kenya are all suffering from the worst drought in decades. There have already been thousands of deaths.

Although they decreased in December along with the price of other grains, the FAO reported that prices for wheat and corn last year hit record highs. It stated that exporters faced intense competition as a result of harvests in the Southern Hemisphere, which increased supplies.

Even though it fell in December to its lowest point since February 2021, the organization’s vegetable oil price index reached an all-time high last year. The FAO Meat Price Index and Dairy Price Index for the entire year 2022 were likewise the highest since 1990.

Latest articles

Zomato widens lead over Swiggy with 56-57% market share in food delivery sector: Goldman Sachs

Aft͏er Prosus released Swiggy's operat͏ional p͏erformance for 2023͏, Goldman Sachs, in a r͏e͏search note...

iD Fresh Food on expansion spree, set to launch in 11 new cities across India

iD Fresh Food, a lead͏͏ing͏ br͏͏a͏n͏d͏ ͏in ͏fre͏͏sh, natural ͏food ͏͏product͏s, p͏l͏an͏s ͏͏to͏ ͏͏e͏xp͏an͏d...

Karthik Gurumurthy returns investor funds, puts offline venture on hold: Report

Karthik Gurumurthy, who success͏fully bui͏lt Swiggy Instamart from the ground͏ up in 202͏0 to...

Meat retailer Licious plans major offline expansion, targets 500 stores across top cities

Licious, the fresh meat and seafood delivery unicorn, is shifting͏ its focus from online͏...

Related Articles

The World of Rum to host first ever global rum ecosystem conclave in Paris

The first-ever installment of The World of Rum is scheduled to take place from...

Supertails D2C brand Henlo unveils new campaign, surprising pet owners with delivery dog ‘Milo’

Supertails D2C brand, Henlo, has recently introduced a fresh campaign called "Knock Knock It's...

BetterBrand raises $6 Million in Series A funding, fueling innovation in carbohydrate sector

BetterBrand, a leading food tech company focused on revolutionizing the carbohydrate sector, has recently...
× Drop a, Hi?