Global food prices fall in July, FAO says

World food prices fell sharply in July, driven down by the prices of cereals and vegetable oils, the Food and Agriculture Organization of the United Nations (FAO) announced on Friday.

After a historic high reached in March following the invasion of Ukraine, the FAO food price index, which tracks the variation in international prices of a basket of basic products, has fallen by 8 .6% over one month, marking a fourth consecutive decline.

However, it remains at high levels, standing at 140.9 points in July, with an increase of 13.1% over one year compared to June 2021, underlines the agency.

Máximo Torero Cullen, FAO chief economist, hails a „welcome decline, especially from the point of view of access to food”, recalling however that many risks still weigh on global food security, such as a recession. or „high fertilizer prices and their potential impact on production and farmers’ livelihoods”.

The FAO vegetable oil price index fell by 19.2% in July, „thus falling to its lowest level for 10 months”, under the effect of a fall in the prices of all oils combined and in crude oil.

Karen Wood

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