World food prices down slightly, FAO says

Hibapress

The Food and Agriculture Organization of the United Nations (FAO) food price index stood at 120.7 points in August, slightly below its revised July value and 1.1% below its value recorded in August 2023.

The index, which tracks monthly changes in international prices of a range of food products worldwide, stood at 120.8 points in July, compared with 121 points in June.

The FAO index thus declined slightly in August, with lower prices for sugar, meat and cereals more than offsetting increases in vegetable oils and dairy products, FAO said in a statement.

Cereal prices fell 0.5% from July, reflecting lower global wheat export prices linked to competitively priced supplies from the Black Sea and higher-than-expected production in Argentina and the United States.

Conversely, the same source continued, world prices of corn strengthened slightly, while the FAO price index of all types of rice increased by 0.6%.

As for vegetable oil prices, the statement said the index gained 0.8% compared to July and reached its highest level in 20 months.

The FAO Dairy Price Index also rose in August by 2.2%: whole milk powder appreciated, driven by higher import demand on the spot market, international cheese prices also increased, driven by growing global import demand, while international butter prices reached an all-time high.

Meat prices fell by 0.7% compared to July, while the sugar price index fell by 4.7%, placing it at its lowest level since October 2022, the statement concluded.