12:39 - 10.01.2024

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January 10, Fineko/abc.az. Food prices, the largest component of the agriculture price index, fell by 9% in 2023. Although prices for a number of products have decreased in the past year, rice prices have increased.

ABC.AZ reports that according to World Bank's report on the global economy that amid restrictions on non-Basmati rice exports from India, the world's largest rice exporter, the price of rice has increased by 27% over the year. In addition, it was stressed that the sharp rise in rice prices may continue.

The report predicts that food prices will fall by about 1% in 2024 and by 4% in 2025. The main risks associated with food prices include rising energy costs, adverse weather, additional trade restrictions, geopolitical uncertainty in the Black Sea region and long-term risks.