The agricultural, cereal, and export price indices closed lower than when the last update issued on November 9, 2022.

• Domestic food price inflation continues to remain high in almost all low- and middle-income countries and highincome countries.

• Ukraine and the United Nations announced on November 17, 2022, that the Black Sea Grain Initiative which had been set to expire on November 19, 2022, would be extended for 120 days.

• The Food and Agriculture Organization of the United Nations (FAO) Food Outlook, released on November 11, 2022, estimated that the world food import bill will rise to US$1.94 trillion in 2022, higher than previously expected.

• A recent study from the World Trade Organization (WTO) and the FAO cited the war in Ukraine, high inflation, supply chain disruptions, and the global economic downturn as the main drivers of the large price increases for agricultural products and inputs such as fertilizers.