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January 6,2022

Anna Murray 

Through 2021, the UN's benchmark food and commodity prices index grew significantly averagely. According to the Food and Agriculture Organization (FAO), global food prices hit a 10-year high in 2021, growing by an average of 28% over the previous year.

Abdolreza Abbassian, a senior economist with the FAO, stated that, in most cases, excessive prices are projected to subside as output rises to meet demand. However, the continually high cost of inputs, the ongoing worldwide pandemic, and increasingly uncertain whether circumstances give little reason for confidence even in 2022 about a return to more steady market conditions.

In terms of month, according to the FAO's Food Price Index, world food costs declined marginally in December 2021, with international prices for vegetable oils and sugar falling dramatically. Only the dairy industry saw an increase in that month.