Global food prices stable for 2nd straight month in July

By Tuba Sahin

Global food prices were broadly unchanged for the second consecutive month in July, the UN Food and Agriculture Organization (FAO) said on Friday.

The FAO Food Price Index averaged 120.8 points in July, marginally down from June's revised 121.0 figure.

Increases in prices of vegetable oils, meat, and sugar offset ongoing decreases in those for cereals, the FAO said.

The FAO food price index is a trade-weighted index that tracks international market prices of five major food commodity groups.

The cereal price index dropped 3.8% month-on-month with export prices of all major cereals going down for the second consecutive month.

The vegetable oil price index, on the other hand, increased 2.4% from June to reach a one-and-a-half-year high in July.

The meat price index climbed 1.2% from a month ago in July boosted by robust import demand for ovine, bovine and poultry meat.

The price index for sugar rose 0.7% while for dairy was stable in July compared to the prior month.