Global Food Prices Experience Slight Easing in July

The United Nations world food price index decreased slightly in July, with a decline in cereals partially offset by increases in meat, vegetable oils, and sugar. The index, which tracks major food commodities, averaged 120.8 points in July, down from 121.0 in June. The value remains significantly lower than the peak in March 2022.

The United Nations world food price index showed a slight decline in July, as reported on Friday. This decrease was driven by a reduction in cereal prices, although increases in meat, vegetable oils, and sugar moderated this drop.

According to the U.N. Food and Agriculture Organization, the price index averaged 120.8 points in July, a small decline from 121.0 points in June. Notably, the June reading was adjusted from an initial estimate of 120.6 points.

Prior to this, the FAO index had observed four consecutive months of rise after reaching a three-year low in February. This trend followed a record peak in March 2022 due to disruptions from Russia's invasion of Ukraine. The July index level is down by 3.1% compared to the same period last year and is 24.7% lower than the 2022 high.

(With inputs from agencies.)