Follow-up – WAA
The United Nations’ global food price index was flat in June as a drop in cereal prices offset increases in indices for vegetable oils, sugar and dairy products, data showed.
The Food and Agriculture Organization of the United Nations’ price index, which tracks the most widely traded food commodities globally, averaged 120.6 points in June, unchanged from May, and the May reading was revised up from an initial reading of 120.4.
Before June, the organization’s index had risen for three consecutive months after hitting a three-year low in February as food prices retreated from an unprecedented peak in March 2022, following Russia’s invasion of Ukraine, two of the world’s most important crop exporters.
The June reading was down 2.5% from a year earlier and 24.8% below the 2022 high.
In a separate report, the organization raised its forecast for global cereal production in 2024 by about 7.9 million tonnes (an increase of 0.3%), to 2.854 billion tonnes, slightly higher than 2023 levels and the highest forecast level ever.
Source: Arabic