ROME : According to the U.N. Food and Agriculture Organization, global prices for food commodities such as grains and vegetable oils reached their highest levels ever last year despite declining for nine straight months as a result of the Russian military campaign in Ukraine, a drought, and other factors that increased inflation and exacerbated hunger around the world.

According to the Rome-based FAO, which tracks monthly changes in the prices of frequently traded food commodities on the international market, prices fell 1.9% in December from a month earlier. It averaged 143.7 points for the entire year, more than 14% higher than the 2021 average, which also saw significant increases.

The decline in December was primarily caused by a decline in the price of vegetable oils due to a decline in import demand, increased soy oil production expectations in South America, and lower crude oil prices. While dairy and sugar saw a slight increase, grain and meat also declined.

After two years of extreme volatility, lower food commodity prices are welcome, according to the chief economist of the FAO, Maximo Torero. "Given that world food prices continue to be high, that many staples are close to record highs, that rice prices are rising, and that there are still many risks associated with future supplies, it is important to remain vigilant and keep a strong focus on mitigating global food insecurity."

Last year, the U.N. organization’s Food Price Index hit the highest level since its records began in 1961, according to FAO data.

As the world's top producers of wheat, barley, sunflower oil, and other goods, especially for countries in regions of Africa, the Middle East, and Asia that were already experiencing a food crisis, Russia's invasion of Ukraine in February exacerbated a food crisis.

Food prices reached record highs as a result of the disruption of crucial Black Sea supplies, which increased inflation, poverty, and food insecurity in developing countries that depend on imports.

The energy markets and fertilizer supplies, both crucial to food production, were also shaken by the war. Additionally, there have been climatic shocks that have exacerbated starvation in regions like the Horn of Africa. The worst drought in decades is severely affecting Ethiopia, Somalia, and Kenya, and the U.N. has issued a famine warning for parts of Somalia. Already, thousands of people have perished.

Corn and wheat prices hit record highs last year, according to the FAO, though they declined in December along with the price of other grains. It claimed that harvests in the Southern Hemisphere increased supplies and that exporters faced fierce competition.

The organization’s Vegetable Oil Price Index hit an all-time high last year, even as it tumbled in December to its lowest level since February 2021. For all of 2022, the FAO Dairy Price Index and Meat Price Index were also the highest since 1990.