For the 12th month in a row, food costs globally are declining

FAO officials have repeatedly cautioned in recent months that despite the price declines, many of the world's poorest countries remain in danger due to concerns about the supply of fuel and other market uncertainties. According to a study released on Friday by the Food and Agricultural Organization of the United Nations (FAO), global food prices fell for the 12th consecutive month in March. It stated that this was the index's first decline in a full year. 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. Grains and cereals, the largest component in the index, was down to 5.6 per cent compared to the previous month and down by 18.6 per cent over the last 12 months. In spite of the falling prices, FAO officials have repeatedly warned in recent months that fuel supply issues and other market uncertainties threaten many of the world’s poorest nations. FAO’s Food Price Index is based on worldwide prices for 23 food commodity categories covering prices for 73 different products compared to a baseline year.