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.
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.
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.