The Food Price Index of the United Nation’s Food and Agriculture Organization fell for the first time in a year in June, due mainly to the decline in vegetable oil and cereal prices.
- The FAO Food Price Index fell 2.5% month on month to 124.6 points in June, marking the first decline after 12 straight months of growth. It was 33.9% higher year on year.
- Declines were recorded in vegetable oil prices due to international movements; in cereals, as maize and wheat prices fell; and in dairy due to lower global import demand.
- Sugar prices climbed for the third straight month, as weather uncertainties in Brazil — the world’s largest sugar exporter — pushed prices upward.
- Meat prices climbed for the ninth consecutive month but were offset by the decline in prices of other food commodities. Prices are still 8.0% below the August 2014 peak.
The FAO estimates that some 45 countries need external assistance for food, due to ongoing conflicts and climate-related shocks in their areas.