Food Prices Drop in December but 2022 still Significantly Higher than 2021

The United Nations Food and Agricultural Organization’s Food Price Index dropped during December, but 2022 food prices were 18% higher year-over-year.  The December index averaged 132.4 points, 2.6 points below November, the ninth-straight monthly decline.  The December drop was driven by a steep decline in the international vegetable oil price and declining cereal and meat prices.

However, that was counterbalanced by rising prices in sugar and dairy.

For 2022, the index averaged 143.7 points, 18 points or 14.3% higher than the 2021 index. The Vegetable Oil Price Index averaged 144 points in December, down more than 10 points from November and its lowest level since February 2021. The Cereal Price Index averaged 147.3 points during December, down 2.9 points from November but was almost seven points higher than December 2021.  The December dairy index was up 1.5 points, and the sugar index was 2.8 points higher.

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