After overcoming the supply-related problems experienced during the pandemic period, global food prices continue to fall. The United Nations Food and Agriculture Organization’s FAO’s world food price index fell to its lowest level in more than two years in June due to the impact of sugar, vegetable oil, grains and dairy products.
FAO announced today that its index, which tracks global food commodities, averaged 122.3 points in June. The food index was recorded at 124.3 at the beginning of May.
Data for June revealed that food prices hit the lowest level since April 2021. The index is 23.4% below the all-time high recorded in March 2022, when the Russian invasion of Ukraine began.
In a separate grain supply and demand report, FAO estimated world grain production this year to be 2.819 billion tons, slightly higher than last month’s forecast. This expectation means an increase of 1.1% in production compared to 2022. The organization stated that their forecasts for global wheat production, with more optimistic expectations, were effective in the increase. Wheat production forecast was revised up by 0.9% to 783.3 million tons.
Grain and Oil Prices Fall, Meat Prices Stable
The index, which FAO measures grain prices, depreciated by 2.1% in June compared to the previous month. The vegetable oil price index fell by 2.4% month-on-month, reaching its lowest level since November 2020, driven by world palm and sunflower oil prices.
The situation is more positive for sugar prices, which have an important place in processed food. The food organization announced that sugar prices experienced their first downward move, recording 3.2% from May, mainly due to the fruitful harvest in Brazil and the weakening of global import demand.
While the dairy products price index decreased by 0.8% compared to May, the meat index remained in place.
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