The Food and Agriculture Organization of the United Nations “FAO” announced on Friday that global food prices, although still “very high”, fell for the twelfth month in a row, recording a decrease of 20.5% in March 2023 compared to the same month in 2022 when The markets were witnessing the first aftermath of the war in Ukraine.

The FAO stated that "the available abundance, weak demand for imports, and the extension of the initiative on Black Sea grain (the agreement that allowed the export of Ukrainian grain) contributed to this decline," noting that prices are still burdening importing countries with difficult economic conditions.