Rome, June 2 (BNA): The FAO Food Price Index (FFPI) averaged 124.3 points in May 2023, down 3.4 points (2.6 percent) from April and up to 35.4 points (22.1 percent) from an all-time high. In March 2022.
The decline in May was supported by large declines in the price indices for vegetable oils, cereals and dairy products, which were partially offset by increases in the indices for sugar and meat.
The FAO Cereal Price Index averaged 129.7 points in May, down 6.5 points (4.8 percent) from April and 43.9 points (25.3 percent) from its record value one year earlier.
Global wheat prices fell 3.5 percent month on month, reflecting prospects for ample global supplies in the upcoming 2023/24 season and the extension of the Black Sea Grain Initiative. Global maize prices fell 9.8 percent in May.
The positive outlook for 2023/24 indicates a recovery in global supplies, with an expected rise in production in Brazil and the United States of America, two major exporters, which affected prices.
The FAO Food Price Index (FFPI) is a measure of the monthly change in the international prices of a basket of food commodities.
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