News > Global food prices in 2022 hit record high amid drought, war

Global food prices in 2022 hit record high amid drought, war

Global prices for food commodities like grain and vegetable oils were the highest on record last year even after falling for nine months in a row, the UN Food and Agriculture Organization said, as Russia’s war in Ukraine, drought and other factors drove up inflation and worsened hunger worldwide. The December decline was led by a drop in the price of vegetable oils amid shrinking import demand, expectations of increased soy oil production in South America and lower crude oil prices.