The benchmark international food commodity price index fell in May as prices fell significantly for most cereals, vegetable oils and dairy products, the Food and Agriculture Organization of the United Nations (FAO) reported today.
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. The FAO Cereal Price Index fell 4.8 percent from the previous month, led by a 9.8 percent drop in world maize prices due to a favorable production outlook along with weak import demand. World wheat prices fell by 3.5% while international rice prices continued to rise in May.
The FAO Vegetable Oil Price Index fell 8.7 percent in May, averaging 48.2 percent below the previous year's level. International palm oil prices have fallen sharply since April, as weak purchases of global imports coincided with increased production in major producing countries.
Fao, food prices fall thanks to the drop in cereals and oils
2023-06-02T12:02:13.600Z
Highlights: 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.
The benchmark international food commodity price index fell in May thanks to significant declines in prices for most cereals, vegetable oils and dairy products, as reported today by the... (ANSA)
