World food prices fell again in January
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At the end of January, the tenth monthly decrease in world food prices was recorded in a row, the food price index of the Food and Agriculture Organization of the United Nations (FAO) decreased by 0.8% compared to December.
“The FAO Food Price Index averaged 131.2 points in January, down 0.8% from its December level and 17.9% from its peak in March 2022,” reads the message FAO.
The January decline was mainly due to a drop in prices for vegetable oils (-2.9%), dairy products (-1.4%) and sugar (-1.1%).
Grain prices rose only 0.1%, with rice prices up the most, up 6.2% MoM on the back of tighter supply, strong local demand in some Asian exporters and exchange rate fluctuations. At the same time, wheat fell in price by 2.5%.
Meat prices decreased by 0.1% compared to December. Thanks to substantial export stocks, poultry, pork and beef prices have declined.
The FAO expects that the total volume of grain production in 2022 will be 2.76 billion tons, which is 1.7% lower than the results of 2021. In 2023, this figure will continue to decline, they say.
On February 2, it became known that the supply of Russian agricultural products and foodstuffs abroad in 2022 increased by 12% at current prices. The largest increase in the value contribution of exports was provided by the Volgograd and Sakhalin regions, Primorsky, Kamchatka and Altai territories, as well as the Republics of North Ossetia-Alania and Dagestan. As previously reported, the grain harvest in Russia in 2022 amounted to 153.8 million tons in net weight, which is 26.69% more than in 2021 (121.4 million tons). In 2020, Russian farmers harvested 133.5 million tons of grain.
On December 15, Russian President Vladimir Putin said that Russia continues to help the poorest countries by supplying them with food, while the West pulls the blanket over itself. Then he said that in the near future Russia was ready to transfer about 260,000 tons of fertilizers to needy countries free of charge.
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