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World food prices fall to record levels – UN

Photo: FAO

Prices for grain and sunflower oil have decreased significantly due to increased seasonal supply from leading exporters, the UN explained.

At the end of August, world food prices fell sharply after rising in July. This was announced by the UN Food and Agriculture Organization (FAO) on Friday, September 8.

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Thus, the index in August fell to 121.4 points, which is 2.1% lower than in July and 24% lower than the peak reached in March 2022. Overall, this is the lowest level since March 2021.

So, FAO vegetable oil price index fell 3.1% in August, slightly offsetting a sharp increase of 12.1% in July. In particular, world prices for sunflower oil fell nearly 8% over the month due to weakening global import demand and abundant supplies from major exporters.

FAO Cereal Price Index fell 0.7% compared to July. International wheat prices fell 3.8% in August as seasonal supply increased from a number of leading exporters.
FAO Dairy Price Index down 4.0% compared to July, which is due to international prices for whole milk powder, which is supplied in sufficient quantities from Oceania. International prices for butter and cheese also fell, partly due to sluggish market activity associated with the summer holidays in Europe.
FAO Meat Price Index decreased by 3%. World sheep prices fell the most, driven by rising exports, mainly from Australia, and weaker demand from China. Large inventories also pushed up pork, chicken and beef prices.
FAO Sugar Price Index increased by 1.3% compared to July and 34.1% higher than last year. The increase is mainly driven by growing concerns about the impact of El Niño on sugarcane crops.

We remind you that at the end of July, deflation was recorded in Ukraine – consumer prices decreased by 0.6% after growing by 0.8% in June, 0.5% in May and 0.2% in April.

In addition, the National Bank of Ukraine revised inflation and GDP forecasts upward.

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Source: korrespondent

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