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
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.