20 Jul 2023
In June, FAO’s global food price index declined once again, driven by reductions in the prices of major cereals and most vegetable oils.
The index, which monitors monthly prices of widely traded food products worldwide, averaged 122.3 points in June, showing a 1.4% decrease from May and a significant 23.4% drop from its peak in March 2022.
Cereals
The cereal prices index decreased by 2.1% compared to May. International prices of coarse grains dropped by 3.4% in June, primarily due to increased supplies of corn from Argentina and Brazil and better production prospects in major US producing regions.
Vegetable Oils
FAO’s vegetable oils price index declined by 2.4% from May, as lower global prices of palm and sunflower oils outweighed the increase in soybean and rapeseed oil prices, influenced by weather conditions in major producing regions.
Dairy products
FAO’s dairy products price index decreased by 0.8% in June, driven by lower international cheese prices, despite the increase in butter prices due to strong demand for spot supplies, especially from the Middle East.
Sugar
FAO’s sugar price index decreased by 3.2%, marking its first decline after four consecutive months of increases, primarily due to a successful sugarcane harvest in Brazil and weak global import demand, particularly from China.
Meat
FAO’s meat price index remained almost unchanged in June, with the increase in poultry prices driven by high import demand from East Asia, amid ongoing supply issues caused by widespread avian flu outbreaks.
Source: www.fao.org
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