Global Food Commodity Prices Fell in 2023, Despite Challenges

Rice and Sugar Prices Rise Amid Overall Decline, Exacerbating Food Insecurity

Global food commodity prices, such as grain and vegetable oil, fell last year from record highs in 2022.
The U.N. Food and Agriculture Organization reports that the decline occurred despite Russia’s war in Ukraine, drought and other factors that worsened hunger worldwide.
Despite the overall drop, sugar and rice prices increased due to climate effects in growing regions of Asia.
More than 333 million people faced acute levels of food insecurity in 2023.
Meat, dairy and vegetable oil prices also dropped from 2022, with vegetable oil hitting a three-year low.