World food prices edged lower in June as declines in sugar, cereals and dairy outweighed increases in vegetable oils and meat, the United Nations' Food and Agriculture Organization said on Friday.The FAO Food Price Index, which tracks monthly changes in a basket of internationally traded food commodities, averaged 130.3 points in June, down from 130.8 points in May.The index had already fallen in May to come off a three-year high reached in April, when the Iran war led to a jump in vegetable oil prices.The June reading was 1.7% higher than a year earlier but 18.7% below its record peak in March 2022 after Russia's full-scale invasion of Ukraine, the FAO said.
World food prices ease for second month in June, UN's FAO says
In June, global food prices experienced a slight reduction, as reported by the FAO of the UN. The decline was mainly fueled by decreasing prices for sugar, cereals, and dairy, which helped balance out the increases in vegetable oils and meat. Year-on-year comparisons still show an uptick, yet the current index is notably below the highs of 2022, indicating a softening trend in food commodity pricing worldwide.
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