Global food prices post marginal decline in August

By Gokhan Ergocun

ISTANBUL (AA) - Food prices in the world decreased 1.1% year-on-year in August and almost the same from July 2024, the UN Food and Agriculture Organization (FAO) announced on Friday.

Food prices also decreased by 24.7% from their peak levels in March 2022, the FAO added.

Cereal prices decreased by 0.5% from July and 11.9% from August 2023, FAO said, adding that global wheat export prices dropped month-on-month, reflecting a sluggish international demand and strong competition among exporters, especially from competitively priced Black Sea supplies.

Vegetable oil prices rose by 0.8% from July to the highest level since January 2023; "increase primarily reflected higher world palm oil prices, more than offsetting lower soy, sunflower and rapeseed oil quotations," FAO said.

Dairy prices increased by 2.2% month-on-month and 14.2% from August 2023.

"International price quotations for all dairy products increased in August, with those of whole milk powder rising the most due to a surge in import demand for spot supplies and tight inventories in major producing regions," FAO said.

Meat prices went down by 0.7% from July 2024 and 3.7% from August 2024, FAO said.

Sugar prices also decreased by 5.7% on a monthly and 23.2% on a yearly basis in August.