Global food prices fall in July

The United Nations Food and Agriculture Organization (FAO) World Food Price Index fell 8.6 percent to 140.9 in July. A fall in prices of major cereals and vegetable oils contributed to the index’s decline. The Food Price Index was declared at 154.3 in June.

Although the index compiled by the FAO, which tracks monthly changes in the prices of cereals, oilseeds, dairy products, meat and sugar, fell from its peak in March, it remained higher than last year.

The index, which rose to an all-time high earlier this year and fell for four months, was up 13.1 per cent in July compared to the same period last year.

decline in fourth month

While inflation-related problems continue to grow in the global economy, the sharp rise in food prices in recent months remains one of the world’s important agendas.

Therefore, the FAO Food Price Index, which closely monitors and monitors monthly changes in international prices of widely traded food products, posted a fourth consecutive monthly decline with its level in July.

Opening of the UK Grain Corridor was effective

The grain price index fell 11.5 per cent month-on-month in July, up 16.6 per cent from the July 2021 price. The opening of the Ukrainian grain corridor was effective in reducing prices. Prices of all cereals fell in July

The vegetable oil price index declined 19.2 percent on a monthly basis in July, the lowest level in 10 months. While the sugar price index declined by 3.8 percent on a monthly basis, the dairy product price index declined by 2.5 percent on a monthly basis and the meat price index declined by 0.5 percent on a monthly basis.

FAO: Uncertainty continues

Commenting on the subject, FAO Chief Economist Maximo Torrero said, “The fall in food prices from extremes is welcome, especially from the point of view of access to food.

“However, many uncertainties remain, such as high fertilizer prices that could affect future production prospects and farmers’ livelihoods, a bleak global economic outlook, and currency movements that put severe pressure on global food security,” Toro said. Told.

Recently, international credit rating agency Fitch Ratings said that global food inflation is likely to fall sharply in 2023.

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