The UN Food and Agricultural Organization stated that in March, global food prices fell for the 12th month in a row. The FAO’s comprehensive food price index fell to 2.1% in March, and it has now fallen to 20.5% since hitting its all-time high one year ago after a significant increase in the wake of the Russia-Ukraine conflict.
The largest component of the index, grains and cereals, decreased to 5.6% from the previous month and by 18.6% from the previous year.
According to FAO, the primary factors driving price decreases over the last year were declining demand and adjustments to challenges in the global supply chain, like greater supplier rivalry.
Even if prices are down, FAO officials have repeatedly warned in recent months that fuel supply issues and other market uncertainties threaten many of the world’s poorest nations.