FAO: High Food Prices in World Continue to Decline

World food prices continued to decline in June for the third month in a row, as wheat prices fell for the first time, according to what the Food and Agriculture Organization of the United Nations “FAO” announced today, Friday, according to Agence France-Presse (AFP).

After setting a record in March in light of the Russian invasion of Ukraine, the FAO Food Price Index, which monitors the monthly developments in the prices of a basket of basic foodstuffs in the world, shrank by 2.3 percent, with the decline in most indicators related to cereals, vegetable oils, and sugar in June.

The FAO Cereal Price Index declined by 4.1 percent, with the price of wheat falling for the first time from its record level, for several reasons, most notably the seasonal abundance due to new crops in the northern hemisphere, improved farming conditions in some major producing countries, and higher production expectations in the Russian Federation.