The Food and Agriculture Organization of the United Nations said world food prices fell in July for the second month in a row.
The specialized world agency made it known in a press release published on August 5 entitled âWorld food prices fall in Julyâ.
The statement read in part: âGlobal prices for food commodities fell in July for the second month in a row, according to a United Nations benchmark report released today.
âThe FAO Food Price Index averaged 123.0 points in July 2021, down 1.2% from the previous month, but still 31.0% above its level in the same period of 2020 .
âThe index tracks changes in the international prices of the most widely traded food products globally.
âJuly’s drop reflected lower prices for most grains and vegetable oils as well as dairy products.
âThe FAO cereal price index was 3.0% lower in July than in June, driven by a 6.0% month-on-month decline in international corn prices associated with better than expected yields in Argentina and to better production prospects in Argentina. in the United States of America, even though crop conditions in Brazil remained of concern.
âThe prices of other coarse grains such as barley and sorghum have also fallen significantly, reflecting lower import demand.
âHowever, wheat prices edged up 1.8% in July – reaching their highest level since mid-2014 – in part due to concerns about dry weather and harvest conditions in North America.
âAt the same time, international rice prices hit their lowest level in two years, impacted by currency fluctuations and slow sales caused by high transport costs and logistical obstacles. ”
âIn contrast, the FAO sugar price index rose 1.7 percent in July, its fourth monthly increase. The rise was mainly driven by firming crude oil prices as well as uncertainties about the impact of recent frosts on yields in Brazil, the world’s largest sugar exporter, while good production prospects in India have prevented a larger jump.
âThe FAO Meat Price Index edged up from June, with poultry meat prices rising the most due to increased imports into East Asia and limited expansion of production in some areas. Beef prices also strengthened, supported by high imports from China and lower supplies from major producing regions. Meanwhile, pork prices have fallen, following a drop in imports from China, âhe added.