Global Food Prices Have Dropped for 5 Straight Months – FAO
According to a UN body, the resumption of exports from Ukraine’s Black Sea ports has helped to lower food costs globally for a 5 consecutive month.
Since reaching an all-time high in March following Russia’s invasion of Ukraine, the Food and Agriculture Organization’s (FAO) food price index, which analyzes the monthly change in worldwide prices of a basket of food commodities, has been steadily declining.
In August, there was a mild dip of 1.9 percent.
Vegetable oils have decreased by 3.3 percent from where they were a year ago.
Due to a 5.1% decline in global wheat prices, the FAO cereals index decreased by 1.4%.
The FAO stated that it followed “better production prospects in North America and Russia as well as the first resumed shipments from the Black Sea ports in Ukraine following more than five months of disruption.”
According to the FAO, world wheat prices are still 10.6% higher than they were in August of last year.
Exports from Ukraine, which before the war was one of the world’s major producers of wheat, corn, and sunflower oil, had dwindled to a trickle because of a Russian blockade of the Black Sea.
A arrangement mediated by the UN and Turkey allowed the supplies to restart in the first few days of August.
