World food prices fell thanks to the extension of the “grain agreement”
5.12.2022 - 13:50
In November, the World Price Index of the UN Food Agency (FAO) decreased by several points. The indicators were affected by the continuation of the Istanbul Agreements.
Last month’s extension of the UN-backed “grain agreement” for another 120 days eased concerns that the war could disrupt massive trade in the Black Sea. A slight decline in November meant that the FAO food index is now only 0.3% higher than a year earlier,” writes Reuters.
The FAO price index, which tracks the world’s most traded food commodities, averaged 135.7 points in November, up from 135.9 in October.
Prices have fallen for the eighth month in a row from a record high in March following russia’s full-scale invasion of Ukraine.
At the same time, the projected world reserves at the end of 2022/23 were revised downwards by 1.1 million tons to 839 million tons. This is 2.2% lower than the previous season and the lowest in three years.
In November, the World Price Index of the UN Food Agency (FAO) decreased by several points. The indicators were affected by the continuation of the Istanbul Agreements.
