High food prices will prompt poorer nations to cut back on food imports this year, the United Nations' (UN) Food and Agriculture Organisation (FAO) said Thursday (June 15).
PARIS — High food prices will prompt poorer nations to cut back on food imports this year, the United Nations' Food and Agriculture Organisation said Thursday .
Global production of maize, milk and meat has increased this year, allowing developed nations to ramp up their own food imports, the FAO said in its biannual global Food Outlook report. But imports in the world's 47 least developed countries, mainly in Africa, will fall 1.5 per cent, the FAO said. The drop will be closer to five percent in developing countries that are net food importers, including Turkey, Egypt and Pakistan, highlighting a fall in purchasing power, it said.Although cereal and cooking oil have fallen off their peaks from March last year, they remain elevated, the FAO said.The global food import bill will hit a record US$1.98 trillion this year, up 1.5 per cent on 2022, but volume will be lower due to the higher prices, the FAO said.
Lower international prices for a number of primary food items have not translated into lower prices in supermarkets, suggesting"cost-of-living pressures could persist in 2023", the FAO said. AFP
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