Global food prices down in August while rice prices see 15-year high

By Gokhan Ergocun

ISTANBUL (AA) – Global food prices fell 2.1% month-on-month in August, while rice prices increased 9.8% to a 15-year high, the UN Food and Agriculture Organization (FAO) announced on Friday.

Cereal prices dropped by 0.7%, while wheat prices down by 3.8% owing to "higher seasonal availability from ongoing harvests in several leading exporters in the northern hemisphere," the FAO said.

It added that rice prices soared due to "trade disruptions registered in the aftermath of India's July ban on Indica white rice exports."

Prices for vegetable oils fell by 3.1%, reflecting lower global prices for palm, sunflower, soy, and rapeseed oils.

Dairy prices also dropped 4% from July to August, continuing an eight-month downward trend.

Meat prices decreased by 3% thanks to drops in all meat types in the month.

Meanwhile, sugar prices rose by 1.3% in the month.