Wednesday, 1 February, 2023

World food prices fall slightly in November: FAO

  • Sun Online Desk
  • 3rd December, 2022 03:42:23 PM
  • Print news

Increased stability in grain exports from Russia and Ukraine sent global prices for grains and cereals lower in November, the Rome-based United Nations Food and Agriculture Organization (FAO) reported on Friday.

The broader FAO Food Price Index was flat compared to a month earlier, remaining near record highs, Xinhua reported.

The organization said that Russia's rejoining of the Black Sea Grain Initiative was a driving force in November, pushing global prices for wheat 2.8 percent lower.

FAO's sub-index for grains and cereals, which includes wheat, also declined, though only by 1.3 percent. The sub-index is the largest component in the main Food Price Index.

Black Sea ports, normally major trading hubs of wheat and other grains, have been unreliable since the start of the conflict between Russia and Ukraine in February, pushing prices to record highs earlier in the year.

After a period outside the initiative, Russia rejoined it in November and the terms for the agreement were extended into 2023.