CAIRO – Federation of Egyptian Chambers of Commerce (FEDCOC) chief Alaa Ezz said that global food prices have receded to levels prior to the Russian-Ukrainian war, and this will show in the markets soon.
FAO index for food prices has shown a drop by 8.6 percent, the fourth consecutive monthly decline, falling back to the lowest level since January 2022, compared to the pre-Russian-Ukrainian war levels, Ezz said.
The index remains higher 13.1 percent against the corresponding period in 2021, he added according to MENA.
Ezz expected that this downward trend would keep its pace in the coming months to be close to past year’s levels.
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