World food prices remained extremely high in May, despite a small drop for the second consecutive month after the March record, according to data from the relevant United Nations agency.
According to Reuters, the price index of the Food and Agriculture Organization (FAO), which monitors the most traded food products in the world, moved to an average of 157.4 points last month compared to 158.3 in April. .
Despite the monthly decline, however, the index showed an increase of 22.8% compared to last year, under pressure mainly from concerns about the effects of the Russian invasion of Ukraine.
In its individual estimates of cereal supply and demand, the Agency said it expects global cereal production to fall in the 2022/23 season for the first time in four years, by 16 million tonnes from a record 2021 to 2.784 billion. tons.
Although prices for dairy, sugar and vegetable oils all fell in May, the meat index rose to an all-time high.
At the same time, the cereals index rose 2.2%, with wheat rising by 5.6% on a monthly basis.
On an annual basis, wheat prices jumped by 56.2%
According to the FAO, wheat prices moved higher due to the export ban announced by India, combined with reduced production prospects in Ukraine after the invasion.
Source: Capital
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