UN: Global food prices declined slightly in July

The United Nations World Food Price Index eased slightly in July according to data released on Friday, with a decline in the index for cereals partially offset by increases for meat, vegetable oils, and sugar.

The UN Food and Agriculture Organization's price index, which tracks the most globally traded food commodities, averaged 120.8 points in July, down from 121.0 in June. The June reading was revised after initially being given as 120.6.

Before July, the FAO index had risen for four consecutive months after hitting a three-year low in February as food prices receded from a record peak set in March 2022, following Russia's invasion of fellow crop export major Ukraine.

The July value was 3.1% down from its level one year ago and 24.7% below its 2022 high point.

Reuters