Dubai, UAE — The World Price Index of the Food and Agriculture Organization of the United Nations (FAO) fell last June to its lowest level in more than two years, driven by the lower cost of sugar, vegetable oils, cereals and dairy products.
The organization’s index that tracks the prices of the world’s most traded food commodities averaged 122.3 points in June, compared to 124.0 points after adjusting in the previous month, SPA reported.
In a separate report on cereal supply and demand, FAO forecast global cereal production this year to reach 2.819 billion tons, up slightly from last month’s estimate and up 1.1 percent from 2022 levels, noting that the higher forecast was driven by better prospects for global wheat production, as the forecast rose by 0.9 percent to 783.3 million tons.
The FAO Cereal Price Index fell 2.1 percent in June compared to the previous month, with prices of corn, barley, sorghum, wheat and rice declining, and the vegetable oil price index falling 2.4 percent month-on-month, hitting its lowest level since November 2020, driven by lower global prices of palm and sunflower oil.
The Sugar Price Index fell 3.2 percent from May, marking its first decline after four consecutive monthly increases, mainly due to improved sugarcane yields in Brazil and slowing global import demand, while the dairy price index fell 0.8 percent compared to May while the meat index remained unchanged.
Global food prices fall to lowest level in two years in June
- The World Price Index drop was driven by the lower cost of sugar, vegetable oils, cereals and dairy products.
- The FAO Cereal Price Index fell 2.1 percent in June compared to the previous month, with prices of corn, barley, sorghum, wheat and rice declining.
Today's Headlines
By signing up you agree to our Terms of Use and Privacy Policy
The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.
The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…
PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.