The UN Food and Agriculture Organization's (FAO) world price index, tracking globally traded food commodities, ended 2023 down 10.1% from December 2022 levels, alleviating concerns over global food price inflation. December's index averaged 118.5 points, a 1.5% decrease from November. For the entire year, the index averaged 13.7% below the previous year, with only sugar prices showing an increase. However, sugar prices declined by 16.6% in December due to increased production in Brazil and reduced use of sugarcane for ethanol production in India. Cereal prices rose 1.5% in December, but for the year, they were 15.4% below the 2022 average. Vegetable oils experienced the largest drop, down 32.7% for the year. Meat prices dipped 1.0% in December, and the dairy price index rose 1.6% month-on-month but was down 16.1% from the previous year.
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