UNITED NATIONS: Global food prices experienced a notable decline in 2023, further easing concerns over food inflation worldwide.

The UN Food and Agriculture Organisation (FAO) reported on Friday that its Food Price Index (FFPI) concluded the year over 10 per cent below its December 2022 level.

The index fell to 118.5, the lowest since February 2021, down 1.5pc from November and 10.1pc from December 2022. The overall index for 2023 was 13.7pc lower than the average value for 2022.

Notably, the international sugar price index was the only one higher over the year, despite experiencing a significant drop of 16.6pc in December due to increased sugar production in Brazil and reduced use of sugarcane for ethanol production in India.

The Cereal Price Index saw a 1.5pc increase in December 2023, driven by rising prices of........

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