World food prices fell again in July - FAO

In July, the average Food Price Index of the UN FAO decreased to 120.8 p, which is 3.1% lower than the July 2023 indicator and 24.7% lower than the peak level of March 2022, when it reached 160.3 p, - reported FAO press office. Increases in the price indices for oil, meat products and sugar were offset by a decrease in the grain price index, while the dairy product price index was almost unchanged.

Thus, the average value of the Grain Price Index decreased (for the second month in a row) compared to June by 4.4 p or 3.8% to 110.8 p as a result of a decrease in global export prices for all major types of grain crops. Quotations are pressured by a seasonal increase in offers in the Northern Hemisphere, where the winter wheat harvest is being harvested, favorable weather conditions for spring wheat crops in the US and Canada, low demand from importers and increased competition among exporters.

The average value of the Oil Price Index rose in July (also for the second month in a row) compared to June by 3.2p or 2.4% to a 1.5-year high of 135p amid rising global prices for palm, soybean, sunflower and rapeseed oil.