The Food and Agriculture Organization (FAO) reported that global food prices fell again in July, retreating from the historic high reached in March and recording the most significant drop since 2008. The drop in prices was due to the easing of concerns about the supply of grain and vegetable oils.
The world food price index fell to 140.9 points from 154.3 points in June (revised from 154.2 points), and reached the lowest level since January - before Russia's invasion of Ukraine, which caused food prices to rise to a record high. The index also recorded its 4th consecutive monthly decline. Nevertheless, prices remain high, putting pressure on low-income households and exacerbating global hunger.
"Wheat and corn prices declined in July, as Ukraine resumed exports. Increased seasonal availability in Argentina and Brazil, where maize harvests progressed ahead of their pace last year, also helped to ease the pressure on prices," the FAO said.