Food prices fell in June, falling to their lowest level in more than two years under pressure from cheaper sugar, vegetable oils and grains, the United Nations Food and Agriculture Organization (UNFAO) said.
The food price index averaged 122,3 points, its lowest value since April 2021.
This also means that it was 23,4 percent lower than in the record March of last year, at the beginning of the Russian-Ukrainian war, reports Capital.ba.
In June, the price of sugar fell the most, by 3,2 percent compared to May, which the UNFAO explains to the good initial results of the sugarcane harvest in Brazil and weak import demand.
The prices of vegetable oils and cereals also fell markedly, by 2,4 percent and 2,1 percent, respectively, compared to May.
Vegetable oil prices fell to their lowest level since November 2020, as cheaper palm and sunflower oils outweighed higher soybean and canola oil prices.
The drop in grain prices reflects the cheaper prices of most commodities, including wheat, rice, corn, barley and sorghum.
The index of dairy products shows a price drop of 0,8 percent compared to May, and the index of meat shows their stagnation.
In a separate report on supply and demand in cereal markets, UNFAO more or less confirmed this year's production estimate.
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