World food prices fell in 2023, with considerable declines for grains and oils as supply concerns eased, said the UN's Food and Agriculture Organization (FAO) said.

It said overall, world food commodity prices fell 13.7 per cent in 2023 against the previous year.

While supply concerns eased for wheat and maize, the opposite was true for rice due to the impact of the El Nino weather phenomenon and India restricting exports. Rice prices jumped 21 per cent last year, it added.

The vegetable oil price index posted the biggest fall last year, dropping 32.7 per cent.

Sugar prices, on the other contrary, jumped 26.7 per cent overall, though they retreated from their highs in December thanks to Brazil stepping up exports and reduced use for biofuels.

While the FAO's overall index dropped, consumer food prices in many countries are rising, often faster than the overall inflation rate.

"The fact that food commodity prices drop doesn't necessarily mean a drop in food prices," noted economist and food industry specialist Bruno Parmentier.

Bd-pratidin English/Golam Rosul