World food prices fell in July, according to the FAO
World food prices fell sharply in July, driven down by grain and vegetable oil prices, the UN Food and Agriculture Organization (FAO) announced on Friday.
After an all-time high reached in March following Russia’s invasion of Ukraine, the FAO Food Price Index, which tracks the monthly change in international prices for a basket of essential products, fell 8.6% in one month, in his fourth straight setback.
However, prices remain high, settling at 140.9 points in July, an annual rise of 13.1% compared to June 2021, the agency highlights.
The FAO index for cereals fell 11.5%, and “the biggest drop was made by world wheat prices, which lost 14.5% in reaction to the agreement between Ukraine and Russia to unblock the main Black Sea ports” to allow the departure of ships loaded with grain, stresses the organization.