2024-08-02 19:30:42
The food price index of the Food and Agriculture Organization of the United Nations (FAO) fell slightly in July, according to data published today, cited by Reuters.
The FAO price index, which tracks most food commodities traded on the world market, averaged 120.8 points in July, up from 121.0 points in June. The June value was revised from the initial level of 120.6 points.
The grains index fell 3.8 percent to its lowest level in nearly four years, with global export prices for all major grains falling for a second consecutive month.
Wheat prices fell due to seasonal availability amid the ongoing harvest campaign in the Northern Hemisphere and favorable conditions for spring wheat in Canada and the United States, the organization said.
Corn export prices also edged lower as harvests in Argentina and Brazil look set to outpace last year’s pace, and planting conditions in the U.S. remain good, the report added.
Before July, the FAO food price index had risen for four straight months after hitting a three-year low in February as prices retreated from a record high set in March 2022 following Russia’s invasion of Ukraine.
In July 2024, the indicator was 3.1 percent below the level of a year ago and 24.7 percent below the maximum of 2022, BTA reports.