Rome, July 7 (BNA): The United Nations Food Agency’s global price index in June fell to its lowest level in more than two years, dragged down by falling prices for sugar, vegetable oils, cereals and dairy products. .
The organization said on Friday that the Food and Agriculture Organization (FAO) price index, which measures the most traded food commodities globally, averaged 122.3 points in June, compared to a revised 124.0 points for the previous month.
The June result was the lowest since April 2021 and means the index is now 23.4% below the high it reached in March 2022 after the Russian invasion of Ukraine began.
In a separate report on cereal supply and demand, FAO expected global cereal production this year to reach 2.819 billion tonnes, up slightly from last month’s estimate and up 1.1% from 2022 levels.
The higher expectations were driven almost entirely by better prospects for global wheat production, the FAO said, with forecasts rising 0.9% to 783.3 million tonnes.
The FAO Cereal Price Index fell 2.1% in June from the previous month, with prices of maize, barley, sorghum, wheat and rice falling.
The vegetable oil price index fell 2.4% month-on-month, hitting its lowest level since November 2020, driven by lower global prices for palm and sunflower oils, which more than offset the prices of soybean and rapeseed oil.
The FAO said the sugar price index declined 3.2 percent from May, marking its first decline after four consecutive monthly increases, mainly driven by the good progress of the 2023/24 sugar cane harvest in Brazil and slowing global import demand.
The dairy price index declined by 0.8% compared to May while the meat index remained virtually unchanged.
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