World food prices fell for a third consecutive month in June, but remained close to record high levels set in March, the United Nations’ food agency said on Friday.
The Food and Agriculture Organization’s food price index, which tracks the most globally traded food commodities, averaged 154.2 points last month versus a revised 157.9 for May. The May figure was previously put at 157.4.
“The factors that drove global prices high in the first place are still at play,” said FAO Chief Economist Maximo Torero Cullen. FAO’s cereal index dropped 4.1% from May, but was still up 27.6% year on year. FAO said June’s decline was driven by the seasonal availability from new harvests in the northern hemisphere, improved crop conditions in some major producing countries, and higher production prospects in Russia.
The sugar index fell 2.6% from May, with slowing global economic growth weighing on demand. The meat index rose 1.7% in June, setting a new record high, while the dairy index jumped 4.1% month on month.FAO said its increased forecast for cereal output was largely driven by a 6.4-million-ton upward revision made to the coarse grain production estimate. The forecast for world cereal utilization in 2022/23 was also raised, up 9.2 million tons to 2.797 billion tons.
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