Prices for globally traded food commodities fell in August on declines in the cost of dairy products, vegetable oils and other products, reversing an increase the month before.
The UN Food and Agriculture Organization's Food Price Index dropped 2.1% in August and is down 24% since its peak in March 2022 following Russia’s invasion of Ukraine. The index is down nearly 12% from August 2022.
Prices for dairy products fell 4% in August, with the biggest decline in prices of milk powder. That drop was driven in part by a slowdown in the pace of China’s imports.
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The index for vegetable oils dropped 3.1% last month on price declines for palm, sunflower, soybean and rapeseed oils. The drop in soybean prices reflected better crop prospects in the United States to go with relatively strong global supplies, FAO said Friday.
The index for meat and poultry dropped 3%, reflecting broad declines across the pork, poultry, beef and sheep sectors due to strengthening supplies.
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