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Food prices at lowest in two years – UN

Photo: FAO

The main global food price index stood at 124.3 in May, down 22.1% from its all-time high in March 2022.

World food prices fell to their lowest levels in two years in May on the back of a significant drop in quotations for most grains, vegetable oils and dairy products. This was announced by the Food and Agriculture Organization of the United Nations (FAO) on Friday, June 2.

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Thus, the core index of world food prices in May averaged 124.3 points, which is 2.6% lower than in April and 22.1% lower than the historical maximum in March 2022.

The FAO Cereal Price Index decreased by 4.8% from the previous month. It is indicated that “world prices for wheat fell by 3.5%, which is due,” in particular, “to the continuation of the Black Sea grain initiative.”

The FAO Oil Price Index fell 8.7% in May, averaging 48.2% below the 2022 level.

Prices for dairy products decreased by 3.2% compared to April.

At the same time, the sugar price index “rose for the fourth month in a row,” rising 5.5% from April to nearly 31% higher than a year earlier.

Meat prices rose 1% in May.

Notably, according to the State Statistics Service of Ukraine, inflation slowed down significantly in April. Consumer price growth was just 0.2% compared to 1.5% in March.

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Source: korrespondent

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