As reported by the Food and Agricultural Organization of the United Nations (FAO), in July of this year the food price index was 8.6% lower than it was in June. Although prices continued to fall, they are still 13.1% higher than they were in July last year.
FAO Chief Economist Máximo Torero commented: “The fall in food prices from very high levels is a positive sign, but many uncertainties remain, including volatile exchange rates, high fertilizer prices that could affect future production prospects, less optimistic forecasts of the world economy — all this can create serious problems for food security"
The price reduction took place on:
— cereals — by 11.5%, remaining 16.6% higher than the July 2021 figure;
— dairy products — by 2.5% against the background of weak trade activity;
— vegetable oil — by 19.2% compared to June, marking a 10-month low;
— meat — by 0.5% compared to June due to a decrease in import demand for beef, lamb and pork.
— sugar — by 3.8% against the backdrop of concerns about demand prospects;
Source of information: FAO
