World food prices decreased during the last year.

Wholesale food prices fell for the 12th consecutive month due to lower global quotations for grain and vegetable oils.

The FAO food price index in March 2023 was 126.9 points, 2.1% less than the previous month and 20.5% below the peak level in March 2022, according to the Food and Agriculture Organization of the UN. Suppressed demand for imports and the continuation of the Black Sea Grain Initiative contributed to the drop in prices, the organization noted.

However, despite the decline at the global level, prices in domestic markets are still very high and continue to rise, creating additional challenges for food security. First, this concerns developing countries and those that are net food importers. FAO says the situation is exacerbated by the devaluation of these countries’ currencies and growing debt burdens.