### “FAO”: Global Food Prices Slightly Decline in July
The United Nations Food and Agriculture Organization (FAO) reported today, Friday, that global food prices slightly decreased in July. This decline was partially offset by increases in the prices of meat, vegetable oils, and sugar, which balanced out the drop in the cereal price index.
The FAO Food Price Index, which tracks the most globally traded food commodities, registered 120.8 points in July, down from 121.0 points in June. The June reading was revised from an initial 120.6 points.
Prior to July, the FAO index had risen for four consecutive months after reaching a three-year low in February, as food prices receded from the record highs witnessed in March 2022 following Russia’s invasion of Ukraine. Both Russia and Ukraine are key exporters of crops.
In July, the index was 3.1% lower than its level a year earlier and 24.7% below the peak of 2022
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