For the second month… global food prices decreased in June

The United Nations Food and Agriculture Organization (FAO) said on Friday that global food prices fell slightly in June as declines in the prices of sugar, grains and dairy products outweighed increases in the prices of vegetable oils and meat.

The FAO Food Price Index, which tracks monthly changes in a range of internationally traded food commodities, averaged 130.3 points in June, down from 130.8 in May.

The index actually fell in May from a three-year high in April, when the Iran war led to a rise in vegetable oil prices.

The June reading was 1.7% higher than a year ago, but 18.7% lower than a peak recorded in March 2022 after the war between Russia and Ukraine, the FAO said.