Saturday, November 5, 2022 at 6:19 PM
According to United Nations data, global food prices have fallen to the lowest level since the Russian invasion in Ukraine.
The United Nations Food and Agriculture Organization (FAO), data showed that food prices have fallen back to levels last seen in 2022, just before the Russian invasion in February of Europe caused food prices to soar.
After peaking in March after the invasion, the prices of vegetable oils, milk, meat, and sugar dropped sharply in the summer.
Data from the Food and Agriculture Organization of the United Nations, (FAO), showed that food prices are hovering slightly above preinvasion levels. However, they have fallen slightly compared with the previous month.
UN figures show that prices are currently at 14.9 percent below March levels, but still at 2.7 percent above October last year.
Cereals were not the only food group to see prices rise from September to Oct, as uncertainty arose about safe shipping lanes that will allow Ukrainian grain to be exported.
Together, Russia and Ukraine account for 25% of the world’s wheat exports and 25% of the world’s barley. They also account for two thirds of the global sunflower oil.
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