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  • Updated: August 05, 2022

UN Says World Food Prices Fell In July

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Quadri Adejumo
Quadri Adejumo

Quadri Adejumo is a reporter, sports column writer, opinion and profile writer. He tweets via @...

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The United Nations food agency's world price index declined again in July, UN says on Friday.

The Food and Agriculture Organization's (FAO) food price index, which tracks the most globally traded food commodities, averaged 140.9 points last month versus a revised 154.3 for June.

FAO chief economist Maximo Torero said in a statement; "The decline in food commodity prices from very high levels is welcome, especially when seen from a food access viewpoint.

"However, many uncertainties remain a bleak global economic outlook and currency movements."

The vegetable oil, sugar, dairy, meat and cereal price indices all fell month-on-month in July, with wheat slumping 14.5%, partly due to a deal reached between Ukraine, Russia, Turkey and the United Nations to unblock grains exports from Black Sea ports.

The maize price index fell 10.7% in July, also due in part to the Russia-Ukraine deal as well as increased seasonal availability from key producers Argentina and Brazil, the FAO said.

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Quadri Adejumo
Quadri Adejumo

Quadri Adejumo is a reporter, sports column writer, opinion and profile writer. He tweets via @...

More From this Author

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