According to the food index report of the United Nations Food and Agriculture Organisation, Global food prices have eased marginally in July as a decrease in cereals outweighed increase in vegetable oil, meat products and sugar,
The report, which tracks the most globally traded food commodities, averaged 120.8 points in July, down from 121.0 points in June.
It was also 3.1 percent lower than its corresponding value one year ago and 24.7 percent below its peak of 160.3 points reached in March 2022.
According to the report, cereal prices averaged 110.8 points in July, down 4.4 points from June and 15.1 points from its July 2023 value.
This is its lowest level in nearly four years with global export prices for all major cereals falling for the second consecutive month.
The FAO said wheat prices fell on seasonal availability from ongoing winter harvests in Canada and the USA. It noted that strong exporter competition and weak global demand also weighed on wheat prices.
“The continued increase of the vegetable index reflected higher global quotations across palm, soy, sunflower and rapeseed oils,” the international report said.
Similarly, palm oil prices rose marginally, mostly underpinned by firm global import purchases that coincided with below-potential output growth in Indonesia, the world’s leading palm oil producer.
