Oil slides as Saudi price cuts counter Middle East worries

UN Says Global Food Prices , for Many Staples , Fell in 2023. On January 5, the U.N. Food and Agriculture Organization reported that global prices for some commodities fell last year from record highs reached in 2022. ABC reports that the FAO Food Price Index for 2023 was 13.7% lower than the 2022 average, but over the same period of time, sugar and rice prices continued to increase. In December, the index fell nearly 10% compared to the same time in 2022. . Despite the price of some food commodities falling, 2023 remained a difficult year for global food insecurity. . The World Food Program warns that , over 333 million people , faced acute food insecurity in 2023. . The cost of both rice and sugar went up in price in 2023. The cost of both rice and sugar went up in price in 2023. The FAO's rice index climbed 21% due to export restrictions imposed by India and the impact of El Niño on rice production. . The FAO's rice index climbed 21% due to export restrictions imposed by India and the impact of El Niño on rice production. . The agency's sugar index reached its highest level since 2011, jumping 26.7% due to low supplies following dry weather damaging harvests in India and Thailand. The agency's sugar index reached its highest level since 2011, jumping 26.7% due to low supplies following dry weather damaging harvests in India and Thailand. According to the FAO, the prices of meat, dairy and vegetable oil all dropped compared to 2022. According to the FAO, the prices of meat, dairy and vegetable oil all dropped compared to 2022. According to the FAO, the prices of meat, dairy and vegetable oil all dropped compared to 2022. Vegetable oil, a major Black Sea export that saw huge increases amid Russia's invasion of Ukraine, hit a three-year low, a sign of improved global supply