According to a study released on Friday by the UN Food and Agricultural Organization, global food prices fell for the 12th consecutive month in March.
It stated that this was the index’s first decline in a full year.
The FAO’s comprehensive food price index fell to 2.1% in March, and it has now fallen to 20.5% since hitting its all-time high one year ago after a significant increase in the wake of the Russia-Ukraine conflict.
The largest component of the index, grains and cereals, decreased to 5.6% from the previous month and by 18.6% from the previous year.
Wheat prices dropped the highest among the grains and cereals, dropping 7.1% as exports from Ukraine across the Black Sea allayed market concerns.
Rice prices fell by 3.2% as a result of information on harvest prospects in India, Vietnam, and Thailand, while corn prices dropped by 4.6% as a result of robust South American production.
Vegetable oil costs fell by a startling 47.7 percent in comparison to March 2022 prices in March, or 3%.