Food prices are expected to reduce by 10–20% for UAE customers

Due to a combination of falling transportation costs and the strength of the dollar-dirham peg, consumers in the UAE will probably experience a further reduction in their food expenses. Following this, there may be a 15-20% decrease in the variety of items available at your local supermarket or grocery shop, particularly for staples like rice, wheat, etc.
But these drops will depend a lot on where the products are coming from. Food imports from the Subcontinent and the Far East will climb down, but processed food from Europe could yet see a spike by December/January. 
The price of processed foods and confectionary from Europe and Turkey remain high and expected to go further up due to the ongoing energy crisis in Europe. “There has already been a 20 per cent increase in prices,” said Lal Arakulath, CEO at Kreol Group. (That could mean UAE consumers will have to spend more on chocolates and any other sweet indulgences they might be planning on by Christmas…) 
The higher cost of gas and electricity paid by European farmers is gradually being reflected in commodities such as cocoa and other key imports from the EU. “We expect it to go further in 2023 unless the EU provides farm subsidies,” said Arakulath.
But UAE food importers looking to the East can only sight a price relief, more so after the container rate spike in 2020-21 and more recently after staples such as wheat and corn prices soared after the launch of the Russia-Ukraine conflict.
Due to a shortage of containers worldwide, freight rates had shot up to $1,150 a TEU, causing severe disruption to food supplies. 
“Moreover, the Indian rupee is also depreciating against the dollar. These factors are causing the price of imported food from major hubs to decrease.”
Datar expects food import prices to decrease further as freight costs could fall further, and more suppliers enter the market.
Moreover, the Black Sea Initiative – a safe corridor for shipping agreement signed by Ukraine and Russia – has also alleviated the scarcity of products such as sunflower oil, maize, barley and wheat. (Up until October 28, more than 9.3 million tonnes of food had been exported through the Black Sea).
The UN Food and Agriculture Organization’s (FAO) monthly price index, which dropped significantly in October, marking the seventh straight month of declines and being 14.9% below its all-time high set in March/April, agrees with the research from UAE merchants.