Global food prices appear to have consolidated their downward trend, according to the FAO Food Price Index. 

After skyrocketing in the second half of the year in the wake of Russia’s invasion of Ukraine, they have been showing a clear downward trend since June. The sharpest decline is seen in the price index for edible oils, which have fallen below the October 2021 level after rising nearly 40% between October 2021 and March 2022. Cereal prices, however, remain higher than they were a year ago.

Source: FAO