Thank you very much, Mr. Chair. Thank you to the witnesses for being with us today.
I have a question for you on the disconnect between food prices and food price inflation.
We know that the FAO and the food price index have shown that there were record prices for food in 2022 but that there's been a steady decline since. However, the consumer price index has not abated, and the World Bank's most recent food security update from October 12 noted that real food price inflation year over year has exceeded overall inflation in 78% of 163 countries.
Mr. Webb, perhaps I could start with you. Could you explain what is causing the disconnect between the decrease in food commodity prices and the persistent food price inflation? Do you expect the food price inflation to continue to decrease in coming months, and why or why not?