Global meals costs declined in July, however are nonetheless a lot increased than this time final yr, the U.N.’s Food and Agriculture Organization said Friday.
After hitting an all-time high within the speedy aftermath of Russia’s invasion of Ukraine in February, meals costs have been slowly coming down since. In July, the FAO’s meals value index recorded its steepest drop since costs began falling, shedding 8.6 p.c in comparison with June, with the price of vegetable oils, cereals, sugar, meat and dairy all falling.
Prices additionally dipped barely after the announcement of a U.N.-led agreement to guard Ukraine’s Black Sea grain exports late final month. The FAO stated the Black Sea settlement has contributed to wheat costs dropping 14.5 p.c, whereas costs for all cereals dropped 11.5 p.c between June and July. However, cereals costs stay some 17 p.c increased than they had been this time final yr, and wheat costs specifically are some 25 p.c increased.