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World food prices are falling

Prices for sugar, meat and grain have decreased, while prices for vegetable oils and dairy products, on the contrary, have increased.

World food prices fell again in August. The decrease in prices for sugar, meat and grains exceeded the increase in prices for vegetable oils and dairy products. This was announced by the UN Food and Agriculture Organization (FAO) on Friday, September 6.

The FAO food price index in August 2024 was 120.7 points, slightly lower than the revised figure for July.

The index in August was 1.1% below the corresponding value last year and 24.7% below the peak of 160.3 points reached in March 2022 after Russia’s invasion of Ukraine.

It means FAO Cereal Price Index in August reached 110.1 points, which is 0.5% lower than the value in July and 11.9% lower than the value in August 2023. World export prices for wheat decreased compared to the previous month.

FAO Oil Price Index in August averaged 136.0 points, up 0.8% from the previous month and reaching its highest level since January 2023. The slight increase mainly reflected higher global palm oil prices, more than reducing lower quotations for soybean, sunflower and rapeseed oil.

It means FAO Dairy Price Index in August reached 130.6 points, which is 2.2% higher than in July and 14.2% higher than the corresponding value last year.

FAO Meat Price Index in August averaged 119.5 points, down 0.7% from July but still 3.7% higher than last year.

It means FAO Sugar Price Index in August was 113.9 points, down 4.7 percent from July and 23.2 percent lower than a year earlier, reaching its lowest level since October 2022.

Let us remind you that in Ukraine there is a drop in prices for fresh vegetable crops and eggs. At the same time, sugar traditionally becomes more expensive in the summer.

Food inflation has risen sharply in Russia
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Source: korrespondent

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