FAO: worldwide food prices decrease by 1.1 percent yr/yr last month
(MENAFN) According to a report released on Friday by the UN Food and Agriculture Organization (FAO), global food prices decreased by 1.1 percent year-on-year in August, maintaining a similar decline from July 2024. The FAO also noted that food prices have dropped by 24.7 percent from their peak levels observed in March 2022. This trend reflects a broader stabilization in global food markets after a period of significant volatility.
The FAO highlighted that cereal prices saw a modest decline of 0.5 percent from July and a more substantial drop of 11.9 percent compared to August 2023. The decrease in global wheat export prices was attributed to sluggish international demand and increased competition among exporters, particularly from the Black Sea region, which has offered competitively priced supplies.
Conversely, vegetable oil prices experienced a rise of 0.8 percent from July, reaching their highest level since January 2023. This increase was largely driven by higher global palm oil prices, which more than offset the declines in the prices of soy, sunflower, and rapeseed oils. The FAO noted that these dynamics significantly influenced the overall trend in vegetable oil pricing.
Dairy prices increased by 2.2 percent month-on-month and 14.2 percent year-on-year in August. The FAO reported that international price quotations for all dairy products were higher, with whole milk powder prices rising the most. This surge was driven by increased import demand for spot supplies and tight inventories in major producing regions. On the other hand, meat prices fell by 0.7 percent from July and 3.7 percent from August 2023, while sugar prices decreased by 5.7 percent on a monthly basis and 23.2 percent year-on-year in August.
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