ROME - The UN Food and Agriculture Organization (FAO) reported on Friday that the Food Price Index ended the year just over 10 per cent below its December 2022 level, further easing concerns over food price inflation worldwide.

The monthly figure for a basket of traded food commodities was also down around 1.5 per cent for December, averaging 118.5 points, compared with the previous month.

The sharpest drop came in international sugar quotations, which were some 16.6 per cent down for December on the previous month.

For 2023, the index was 13.7 percent lower overall than the average value for 2022, with only the international sugar price index higher over the year.

FAO said the sugar price drop was mainly due to the strong pace of production in Brazil along with reduced use of sugarcane for ethanol production in India.

The cereal price index rose 1.5 per cent in December, with wheat, maize, rice and parley all rising due to shipment limitations experienced by exporters. Cereal prices for the year however we more than 15 per cent below the 2022 average.