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The
Food and Agriculture Organization's (FAO) food price index,
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.
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 FAO Chief
Economist Maximo Torero.
A bleak global economic outlook, currency volatility and high
fertilizer prices - which can impact future production and
farmers’ livelihoods - all pose serious strains for global food
security, he said.
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.
(Reporting by Maytaal Angel; Editing by Andrew Cawthorne)
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