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The
Food and Agriculture Organization's (FAO) price index, which
tracks the most globally-traded food commodities, averaged 123.9
points in July against a revised 122.4 for the previous month,
the agency said on Friday.
The June reading, initially given as 122.3, was the lowest for
the index since April 2021.
The July score was almost 12% lower than a year ago and 22%
below an all-time peak in March 2022, just after the start of
Russia's invasion of Ukraine.
The FAO's vegetable oil price index climbed 12% compared with
June, breaking a run of seven straight monthly declines, the
agency said.
Sunflower oil rebounded by more than 15% month-on-month, mainly
because of uncertainty created by Russia's decision to quit the
Black Sea Grain Initiative to allow shipments from Ukraine, the
FAO said.
Production concerns and rising crude oil prices, drove other
vegetable oils higher.
The FAO's cereal price index edged down 0.5% in July, as a drop
in coarse grain markets offset higher levels for wheat and rice.
Maize prices fell on the prospect harvesting in South America
and U.S. production will replenish stocks.
In contrast, doubts over Ukrainian exports and dry weather in
North America boosted wheat prices, and the rice index climbed
to its highest in almost 12 years following an Indian export
ban, the FAO said.
It reiterated its worries over the impact of the rising cost of
rice, citing "substantial food security concerns for a large
swathe of the world population, especially those that are most
poor".
The sugar price index shed nearly 4% in July, marking a second
straight monthly drop on favourable supply prospects in Brazil
and India, though prices were nearly 30% above a year ago.
The FAO's dairy and meat price references both fell slightly in
July.
(Reporting by Gus Trompiz; editing by Barbara Lewis; Editing by
Tomasz Janowski and Barbara Lewis)
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