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Food Price Index Drops in December

The U.N.’s Food and Agricultural Organization says world food prices dropped in December. The Food Price Index, which tracks monthly changes in the prices of globally traded commodities, averaged 188.5 points in December, down 1.5 percent from November and 10 percent lower than December 2022.

For 2023, the index was 13.7 percent lower than the average value of 2022, with only the international sugar price index higher during the period. The Cereal Price Index rose 1.5 percent from November, but the yearly index was 15 percent below 2022. The Vegetable Oil Price Index dropped 1.4 percent from November, and for the year was 33 percent below 2022. The Sugar Price Index dropped 17 percent from November, but still finished 15 percent higher than December 2022.

The Meat Price Index dropped one percent from November, hitting a level of two percent below December 2022. The Dairy Index rose 1.6 percent from November.

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