Bloomberg, a US news agency, reported that global food prices fell for the fourth consecutive month after hitting a record level due to the war in Ukraine, following concerns about supplies of grains and vegetable oils were allayed.
The United Nations’ global food cost index fell more than 8.6% in July.
The index fell to its lowest level since January, before Russia blockaded ports in Ukraine, which is a major source of food, after which food costs rose. However, prices are still high, and residents of low-income countries are feeling them as the cost of living crisis deepens.
Wheat and corn prices fell last month after Moscow and Kiev reached an agreement to reopen Ukraine’s ports, and the first ships sailed from the port of Odessa.
“The increased seasonal availability in Argentina and Brazil, where the maize crop advanced from last year’s pace, also helped ease the pressure on prices,” the Food and Agriculture Organization (FAO) said in a statement.