Tuba Sahin
08 July 2022•Update: 08 July 2022
ANKARA
Global food prices continued to decrease in June for the third consecutive month, thanks to a fall in prices of vegetable oils, cereals and sugar, the UN Food and Agriculture Organization (FAO) said.
The FAO food price index dropped 2.3% in July month-on-month to average at 154.2 points, but 23.1% above its level last year, the UN body said in a statement on Thursday.
FAO's food price index measures monthly changes in the international prices of five major food commodity groups – cereal, meat, dairy products, vegetable oils, and sugar.
The cereal price index slipped 4.1% from May, driven by seasonal availability from new harvests in the northern hemisphere, improved crop conditions in some major producing countries, and higher production prospects in Russia.
The vegetable oil price index decreased 7.6% during the same period.
The FAO sugar price index slipped 2.6% from May, marking the second consecutive monthly decline and reaching its lowest level since February, led by good global availability prospects.
On the other hand, the meat price index rose 1.7% from a month ago, setting a new record high and exceeding by 12.7% its June 2021 value.
The FAO dairy price index increased 4.1% month-on-month and 24.9% year-on-year.
