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Food Prices Fell Again In July, UN Agency Says

The United Nations food agency's world price index declined again in July, edging further away from record highs hit in March.

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

The June figure was previously put at 154.2.

Many Uncertainties Remain

The July index was still 13.1% higher than a year earlier, pushed up by the impact of the invasion of Ukraine, adverse weather and high production and transport costs.

"The decline in food commodity prices from very high levels is welcome, however, many uncertainties remain," said Maximo Torero, chief economist, FAO.

A bleak global economic outlook, currency volatility and high fertiliser prices - which can impact future production and farmers’ livelihoods - all pose serious strains for global food security, he said.

Read More: Fertiliser-Maker Yara Warns On Shortages

Other Commodities 

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.

Three ships carrying a combined 58,041 tonnes of corn were authorised to leave Ukrainian ports on Friday, the organisation arranging the operation said. A first vessel carrying Ukrainian grain set sail from Odesa on Monday.

News by Reuters, edited by Donna Ahern, Checkout. For more Fresh stories, click here. Click subscribe to sign up for the Checkout print edition.

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