00:00The Food and Agriculture Organization of the United Nations published a report stating food prices have dropped for the 10th consecutive month worldwide.
00:10Market Watch reports prices are down 17.9% from the peak it saw in March 2022, hitting an all-time high of 159.7 points following Russia's invasion of Ukraine.
00:22January 2023 saw the food price index average at 131.2 points.
00:30The report says low wheat prices are mainly responsible for the overall drop.
00:34Vegetable oil prices are now 25% lower than they were a year ago, and dairy prices also hit their lowest level in a year.
00:43Meat prices, on the other hand, are 1.3% higher than a year ago.
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