A recent United Nations report which tracks the monthly change in international food commodity prices shows that food prices hit their peak in 2022 despite declining for the ninth consecutive month.

Food prices jumped to a monthly record high in March after Russia invaded agricultural powerhouse Ukraine, a major supplier of wheat and cooking oil to the world, according to the report released by the UN Food and Agriculture Organisation (FAO) on Friday.

The report detailed that world prices of wheat and maize reached record highs over the year in 2022.

The average value of the FAO vegetable oil price index for all of 2022 reached a new record high, while the FAO Dairy Price Index and Meat Price Index marked their highest full-year levels since 1990.

However, following a compromise mediated by Turkey and the UN in July, the Russian maritime blockade that had prohibited Ukrainian grain deliveries was lifted, resulting in a continued monthly drop in the global food price.

FAO reported that its price index, which tracks the monthly change in international food commodity prices, fell to 132.4 points in December, a 1.9 per cent decrease from November.

Reacting to the development, FAO chief economist Maximo Torero said it is important to “remain vigilant and keep a strong focus on mitigating global food insecurity given that world food prices remain at elevated levels.”

Mr Torero cautioned that several essentials are at or near record high costs, with rice prices rising and other dangers related to future supplies.