Global food prices stabilize in June

The United Nations World Food Price Index stabilized last June as a result of declines in cereal prices that offset increases in indices for vegetable oils, sugar and dairy products.

The United Nations Food and Agriculture Organization’s price index, which tracks the most traded food commodities globally, averaged 120.6 points in June, unchanged from last May.

Before June, the organization’s index had risen for three consecutive months after recording in February the lowest level in three years, with food prices declining from an unprecedented peak recorded in March 2022.

The organization raised its expectations for global grain production in 2024 by about 7.9 million tons (an increase of 0.3 percent), to reach 2.854 billion tons, a slight increase from 2023 levels, to record the highest level of expectations ever.