Global food prices fall to two-year low

World food prices fell to the lowest level in two years, as sharp falls in prices of vegetable oils, cereals and dairy outweighed increases for sugar and meat.

 

The Food and Agriculture Organization’s (FAO) price index, which tracks the most globally-traded food commodities, averaged 124.3 points in May, down 2.6% month-on-month. The May reading marked the lowest since April 2021.

 

Cereals fell 4.8% on a monthly basis amid a drop in world maize prices on positive forecasts for production and slow demand.

 

Wheat declined 3.5%. Rice prices continued rising driven by Asian purchases and low supply in some exporting countries, such as Vietnam and Pakistan.

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