News > Global food prices in 2022 hit record high amid drought, war
Global food prices in 2022 hit record high amid drought, war
07/01/2023 12:14 PM | Click to read full article
Global prices for food commodities like grain and vegetable oils were the highest on record last year even after falling for nine months in a row, the UN Food and Agriculture Organization said, as Russia’s war in Ukraine, drought and other factors drove up inflation and worsened hunger worldwide. The December decline was led by a drop in the price of vegetable oils amid shrinking import demand, expectations of increased soy oil production in South America and lower crude oil prices.