In November, the average value of the food price index, determined monthly by the UN Agriculture and Food Organization, was 120.4 points, which is almost the same as in October and 14.4 points (10.7%) lower than the corresponding figure in November 2022, it reported December 8, FAO press service.

 

The average value of the grain price index in November was 121 points, which is 3.7 points (3%) lower than the October figure and 29.1 points (19.4%) lower than last year’s record level. 
“World prices for feed grains decreased most significantly over the month – by 5.6%. This decline was primarily due to a sharp drop in world prices for corn against the backdrop of increased sales of farm products in Argentina and downward pressure exerted by a seasonal increase in supply in the United States, where the forecast production volume was revised upward,” experts noted. World wheat prices also decreased in November - by 2.4%, mainly as a result of a seasonal increase in supply in Argentina and Australia against the backdrop of a good pace of the harvesting campaign, as well as due to continued intense competition from the Russian Federation. “The average value of the vegetable oil price index in November was 124.1 points, an increase of 4.1 points (3.4%) compared to the October level, after three months of continuous decline. The increase in the value of this index was due to an increase in world prices for palm and sunflower oils, which more than compensated for the decrease in quotations of soybean and rapeseed oils,” the report says.