FAO: World food prices down in June for 3rd month in a row

The UN Food and Agriculture Organization (FAO) said that world food prices, including for wheat, declined in June for a third month running despite remaining near an all-time high.

The average “FAO” food price index reached 154.2 points in June 2022, a decrease of 2.3% compared to the previous May, according to the Al-Arabiya website.

However, the FAO index, which tracks monthly changes in international prices for a basket of food commodities remained 23.1% higher than it was in June 2021.

This decrease during June reflects the drop in international prices of vegetable oils, grain and sugar, in contrast to the increase in dairy and meat prices.

The FAO grain Price Index averaged 166.3 points in June, down 4.1% compared to May.

Wheat prices in global markets fell 5.7% last month, but remained 48.5% higher than their value a year ago.

The decline in June was attributed to the seasonal availability of new harvests in the Northern Hemisphere countries, improved crop conditions in some of the major producing countries, and higher production prospects in Russia.