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FAO’s vegetable oil price index hits new record high, indexes for dairy and meat prices mark their highest levels since 1990…

Global food prices increased 14.3% year-on-year in 2022, the UN’s Food and Agriculture Organization (FAO) said on Friday.

The FAO food price index rose 18 points from the previous year to 143.7 points in 2022.

The index measures monthly changes in international prices of five major food commodity groups – cereal, meat, dairy products, vegetable oils and sugar.

The FAO dairy price index jumped 19.6%, registering the highest annual average on record since 1990 with 142.5 points.

The cereal price index rose 17.9% from 2021 to a record high of 154.7 points in 2022, led by significant market disruptions, increased uncertainties, higher energy and input costs, adverse weather in a few key suppliers, and continued strong global food demand.

The vegetable oil price index hit a record high of 187.8 points last year, rising 13.9% from a year ago.

The meat price index also grew 10.4% from 2021 to 118.9 points in 2022, the highest annual average since 1990.

The FAO sugar price index went up 4.7% year-on-year to 114.5 points, the highest annual average since 2012.

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