Highlights:

• The agricultural and export price indices closed 1 percent and 6 percent higher, respectively, than reported in the last update prepared on December 1, 2022; the cereal price index closed at the same level.

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

• According to the Agricultural Market Information System (AMIS) December 2022 Market Monitor, La Niña has had varying impacts on yields in key producing regions. The Monitor also indicates that price volatility caused by speculation can increase food security risks, especially for low-income countries.

• The 2022 Global Hunger Index (GHI) indicates that overlapping crises have exposed the weakness of food systems and that global progress against hunger has largely stagnated in recent years.

• According to a World Trade Organization (WTO) report, WTO member states are introducing trade restrictions at an increasing pace.