The Food and Agriculture Organization (FAO) index of world food prices fell in May to its lowest level in two years, as sharp declines in the prices of vegetable oils, cereals, and dairy products outweighed increases in the prices of sugar and meat.
The United Nations agency said today (Friday) that its index, which tracks the prices of the most traded food commodities globally, averaged 124.3 points in May, compared to 127.7 points after adjustment in the previous month.
The May reading is the lowest since April 2021 and means the general index is now 22 percent lower than the high it reached in March 2022 after the start of the Russian invasion of Ukraine.
In a separate report on cereal supply and demand, FAO expected global cereal production this year to reach 2.813 billion tons, up 1 percent from 2022, mainly reflecting an expected increase in maize production.
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