FAO: World Food Prices Continued to Decline in June

The Food and Agriculture Organization (FAO) of the United Nations in Geneva said that the international food commodity price index fell again last June, driven by the decline in the prices of all major grains and most types of vegetable oils.

The FAO stated that the index, which tracks monthly changes in international prices of traded food commodities, reached an average of 122.3 points in June, down 1.4 percent from last May and 23.4 percent from its peak in March 2022.

And the UN organization confirmed in a report today, Friday, that the index for grain prices decreased by 2.1% compared to last May, as global wheat prices decreased by 1.3% with the start of harvest in the northern hemisphere, affected by abundant supplies and the decrease in export tax in the Russian Federation to In addition to improving conditions in the United States, international prices of rice fell by 1.2%.

As for the prices of vegetable oils, the report indicated that their price index decreased by 2.4% from last May, and the FAO dairy price index also decreased by 0.8% last June, driven by a decline in international cheese prices, even with the rise in global butter prices, driven by active demand for supplies. Immediate, especially from the Middle East.