In July, world prices for vegetable oil and all types of grain crops fell sharply. Wheat fell 14.5%.
As a result of July, world food prices fell. This is the fifth consecutive month since March’s all-time high. This data was published by the Food and Agriculture Organization of the United Nations (FAO) on Friday, August 5.
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Thus, in July, the FAO food price index reached 140.9 points, which is 8.6% lower than in June. But the Index, which tracks monthly changes in global prices for a basket of groceries, remained 13.1% higher than in July 2021.
In July, the FAO Vegetable Oil Price Index fell 19.2% from June to a 10-month low. Sunflower oil prices fell sharply on the back of a drop in global import demand, despite continued logistical uncertainty in the Black Sea region.
The FAO Cereal Price Index decreased by 11.5% MoM, remaining 16.6% higher than in July 2021. The fall in international prices affected all types of cereals. Wheat prices fell 14.5%, partly due to an agreement reached to unblock exports from key Black Sea ports. World prices for feed grains in July decreased by 11.2%, and prices for corn – by 10.7%.
The FAO Sugar Price Index fell 3.8% from June amid concerns over the demand outlook, driven by expectations of a further slowdown in the global economy.
The FAO Dairy Price Index is down 2.5% since June amid weak trade activity, but is still 25.4% above the July 2021 average.
In July, the FAO Meat Price Index also fell 0.5 percent from June due to lower import demand for beef, lamb and pork.
It will be remembered that in March 2022, the main indicator of world food prices increased by 12.6% and reached a historical maximum. The FAO Food Price Index stood at 159.3, up 33.6% from March 2021.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.