United Nations Food Price Index Sees Slight Decrease in July
The United Nations food price index experienced a slight decline in July, driven by a decrease in cereal prices, partially offset by increases in meat, vegetable oils, and sugar prices.
The Food and Agriculture Organization (FAO) of the United Nations, which tracks the most widely traded food commodities globally, reported an average index of 120.8 points in July, down from 121.0 in June. The June reading was revised from an initial 120.6.
Prior to July, the FAO index had risen for four consecutive months after reaching a three-year low in February, as food prices retreated from a record high in March 2022 following Russia's invasion of Ukraine. In July, the index was 24.7% below its 2022 peak.
