Global food prices continued to fall for the fifth consecutive month, with vegetable oil prices even falling below their August 2021 level, the United Nations Food and Agriculture Organization (FAO) said today. .
The FAO’s food index, which tracks the monthly change in international prices of a basket of food staples, has steadily declined from a record high reached in March following Russia’s invasion of Ukraine. In August, it recorded another, slighter drop, by 1.9% in one month.
The FAO vegetable oil index fell 3.3% in August, “to a slightly lower level than that of August 2021”. The prices of sunflower oil, palm oil and canola oil fell, and only that of soybean oil “increased somewhat, due to concerns about the impact of adverse weather conditions on the production of the United States”, underlines the organization.
The FAO Cereals Index for its part fell 1.4% in a month, under the influence of a “5.1% decline in international wheat prices, reflecting improved production prospects in North America and Russia as well as the resumption of exports from Black Sea ports to Ukraine”.
Source: AMPE
Source: Capital
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