Friday, August 5, 2022

Global food prices fall for four consecutive months as cereals, vegetable oil become cheaper

As concerns over the supply of cereals and vegetable oils eased, global food prices fell for the fourth straight month, falling to their lowest level since January this year.

The Food and Agriculture Organization (FAO) of the United Nations said on the 5th that food prices in JulyindexIt fell 8.6% from June to 140.9, the biggest drop since October 2008.

Global wheat prices fell by 14.5 percent last month, one of the biggest declines since Russia and Ukraine reached an agreement to lift the blockade of major ports in the Black Sea, the FAO said, meaning Ukrainian grain exports Will resume immediately, FAO said, boosting supply to the market, reducing doubts.

“The maize harvest continues to grow ahead of last year, increasing seasonal supplies in Argentina and Brazil and helping to ease pressure on food prices,” the FAO statement said.

However, last month’s food price index was still 13% higher than the same period last year, which may provide limited breathing space for consumers suffering from a cost of living crisis. For example, the grain index was still up 17% in July. Wheat prices were also 25 per cent higher a year ago than a year ago.

Statistics show that in Julyoil priceThe gap fell 19% a year ago to a ten-month low. The FAO said this was mainly due to declines in global palm oil, soybean oil, rapeseed oil and sunflower oil, of which the decline in palm oil was due to an increase in exports from Indonesia.

FAO Chief Economist Torreiro also said: “The fall in food prices from higher levels is welcome, especially from the perspective of access to food. However, there are still many uncertainties, including higher fertilizer prices. Prices may affect future yields. and farmers’ livelihoods, the dismal global economic outlook,exchange rateAll factors will bring enormous pressure on global food security. ,

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