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Shining Light on Farm & Food Policy for 20 Years.
Monday, August 19, 2024
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.
Supermarket prices ticked up 0.3% last month, driven by a jump in the cost of beef as well as increases for some fruits, vegetables and dairy products, according to the monthly Consumer Price Index.
A gauge of global food commodity prices fell again in June, led by declines in the cost of grains and vegetable oils, and is now more than 23% off the March 2022 peak that followed Russia’s invasion of Ukraine.
Grocery prices dropped 0.3% in March, the first such decline since September 2020, as consumers benefitted from lower costs for a wide range of foods, including meat, dairy products, and fruits and vegetables.
Supermarket prices rose another 0.3% last month, driven in part by jumps in the cost of beef and pork, but food inflation continues to ease from the spikes shoppers saw in 2022, the Bureau of Labor Statistics reports.
The UN Food and Agriculture Organization’s measure of global food commodity prices eased again in February on significant drops in the cost of dairy products and vegetable oils and fractionally lower prices for grains and meat.
An index of global food commodity prices dropped for the 10th straight month in January on declines in the cost of vegetable oils, dairy products and sugar.
A measure of world prices for food commodities fell for the ninth consecutive month in December, driven by a sharp drop in the cost of vegetable oils and softer prices for meat and grains.