Global food prices continue to fall for the fifth consecutive month, with vegetable oils even falling below their level of a year ago in August 2021, the United Nations Food and Agriculture Organization said on Friday. agriculture (FAO).
The FAO Food Price Index, which tracks international prices of a basket of commodities, has been falling steadily since hitting an all-time high in March after Ukraine invaded Ukraine. Russia. In August, it marked a new, more moderate drop of 1.9% over one month. It remains, however, at still high levels, standing at 138 points in August, at a level “7.9% higher than its value a year ago”, indicates the organization.
The FAO vegetable oil price index decreased by 3.3% over one month, “reaching a level slightly lower than that of August 2021”. Abundant supplies of palm oil for export to Indonesia and the resumption of sunflower shipments from Ukraine, one of its major producers, are pushing prices down.
Only soybeans are “increasing moderately, due to concerns about the impact of unfavorable weather conditions on production in the United States”, which has suffered from high heat and lack of water this summer. The FAO cereal price index fell by 1.4%, under the effect of “a 5.1% drop in international wheat prices, which reflects the improvement in production prospects in North America”. North and in Russia, as well as the resumption of exports from the Black Sea ports in Ukraine”.