The Food and Agricultural Organization of the United Nations monitors international prices of food commodities. In 2022, the Composite Food Index ended at 143.7 points, up 14.3 percent from December 31st, 2021, and the highest annual rise since inception of the Index in 1990.
The invasion of Ukraine by the Russian Federation was responsible for a surge in grain prices followed by disruption of shipping from Black Sea ports during 2022. The Cereal Price Index rose 18.0 percent, influenced by high demand relative to supply, escalation in energy and fuel costs and a market uncertainty.
The decline in the December Index that fell to 132.4 points, lower than the previous month at 135.0 points, suggests stabilization in prices. This may, however, be attributed to decreased demand associated with depressed economies in many importing nations.