FAO food price indices remained stable in June

In June, the average value of the Food Price Index of the UN FAO was 120.6 p, which corresponds to the adjusted figure for May, - reports the FAO press service. The stability of the index is due to the fact that the increase in the prices of vegetable oils, sugar and dairy products was offset by the decrease in the prices of grain crops, while the prices of meat remained almost unchanged.

The average value of the Grain Price Index in June decreased compared to May by 3.5 p, or 3%, to 115.2 p. The decrease in wheat prices is associated with seasonal fluctuations on the background of harvesting in the Northern Hemisphere, as well as an increase in production forecasts for several leading exporting countries, including Kazakhstan and Ukraine, while Turkey imposed a temporary ban on wheat imports.

Corn export prices fell in June amid harvests in Argentina and Brazil, where output will exceed previously forecast. Also, a significant increase in the area of corn sowing in the USA contributed to the drop in quotations.

The average value of the Vegetable Oil Price Index in June increased by 4 points or 3.1% compared to May to the highest level since March 2023 of 131.8 points. This is due to the increase in prices of palm, soybean and sunflower oil, while prices of rapeseed oil has practically not changed.