"UN Reports Significant Drop in Global Food Prices for 2023, Despite Staple Exceptions"
The U.N. Food and Agriculture Organization reported a decline in global food commodity prices in 2023 from the record highs of 2022, with a 13.7% decrease in the FAO Food Price Index. However, prices for sugar and rice increased due to climate impacts and trade restrictions. Despite the overall drop, the cost relief has not fully reached consumers, particularly in developing nations. Over 333 million people experienced acute food insecurity in 2023. While grain prices fell, rice and sugar prices rose, with rice up 21% due to India's export restrictions and El Niño concerns, and sugar hitting a 26.7% increase from 2022 levels because of dry weather affecting crops in major exporting countries. Meat, dairy, and vegetable oil prices also decreased, with vegetable oil reaching a three-year low.