The benchmark international food commodity price index fell in May thanks to significant declines in prices for most cereals, vegetable oils and dairy products. The FAO Food Price Index, which tracks monthly changes in international prices of commonly traded food products, averaged 124.3 points in May, down 2.6 percent from April and 22.1 percent below the all-time high reached in March 2022.
World wheat prices fell by 3.5% while international rice prices continued to rise. International palm oil prices have fallen sharply since April, as weak purchases of global imports coincided with increased production in major producing countries.