The Food and Agriculture Organization released its Food Price Index report for the month of June 2024.
The report, disclosed on their website on Monday, states that the FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally-traded food commodities, averaged 120.6 points in June, the same as its revised figure for May.
The report reveals that the index is now 2.1 percent lower than its value a year ago and 24.8 percent below its March 2022 peak.
The FAO Food Price Index (FFPI) is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of five commodity group price indices weighted by the average export shares of each of the groups over 2014-2016.
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