Global Food Prices Ease In August, Un Report Reveals

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The United Nations’ Food and Agriculture Organization (FAO) has reported a slight decline in global food prices for the month of August. The FAO’s world food price index, which tracks the prices of internationally traded food commodities, registered at 120.7 points, down from a revised 121 points in July. This decline was primarily driven by lower prices for sugar, meat, and cereals, which helped offset rising costs in dairy and vegetable oils.

The food price index had previously hit a three-year low in February 2023, reflecting a general retreat from the record highs experienced in March 2022, during the height of geopolitical tensions following Russia’s invasion of Ukraine. At that time, global supply chains faced severe disruptions, leading to sharp increases in food prices. The August value now sits 1.1% lower than it did in the same period last year and is 24.7% below the peak levels of March 2022. However, fluctuations in key commodity markets, particularly for dairy and vegetable oils, suggest that food price volatility remains a persistent challenge for the global economy.

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