The world price index of the Food and Agriculture Organization (FAO) of the United Nations fell in June to its lowest level in more than two years, driven by lower costs for sugar, vegetable oils, cereals and dairy products.
The organization stated, Friday, that its index, which tracks the prices of the most traded food commodities globally, averaged 122.3 points in June, compared to 124.0 points after adjustment in the previous month, reports Al-Rai daily.
June’s reading was the lowest since April 2021, meaning the index is now 23.4 percent below the high it reached in March 2022 after the start of Russia’s invasion of Ukraine.
In a separate report on cereal supply and demand, the FAO expected global cereal production this year to reach 2.819 billion tons, up slightly from last month’s estimate and 1.1 percent higher than 2022 levels.
