Tashkent, Uzbekistan (UzDaily.com) -- According to FAO data, at the end of 2023, the overall value of the FAO Food Price Index* was 124.0 points, which is 19.7 points or 13.7% lower than the average for 2022.

Average annual grain prices at the end of last year were 15.4% below the record-high annual average for 2022: this decline is explained by the fact that supply on international markets remained at a sufficient level.

Vegetable oil prices were lower by as much as 32.7% of the 2022 level, which is the lowest level in the last 3 years.

Average annual prices for dairy products on the world market decreased by 16.6% compared to the average for 2022: this trend was due to sluggish import demand amid the presence of significant reserves in importing countries.

The average value of world meat prices turned out to be 3.5% lower than in 2022: this trend is due to an increase in export opportunities in leading exporting regions against the backdrop of sluggish global demand from major meat-importing countries.

Average annual prices for sugar on the world market increased by 26.7% compared to 2022, and reached the highest level since 2011, which was primarily due to concerns related to the stability of the balance of supply and demand in the world sugar market.

According to the Statistics Agency, in Uzbekistan, the increase in food prices for 2023 was kept at 9.7% (at least for five years), which became possible thanks to the measures taken, for example, such as zeroing out customs duties on certain food items.

* The FAO food price index includes 5 price sub-indices for the following product groups: grains, vegetable oils, dairy products, meat, sugar. Average values for 2014-2016 are used as weights.