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FAO Reports Decline in Global Food Commodity Prices for July
Posted by: Prof. Dr. M. Raupp (IP Logged)
Date: August 19, 2022 08:34AM

The Food and Agriculture Organization of the United Nations (FAO)
reported that the benchmark for world food commodity prices declined
significantly in July. The prices of major cereal and vegetable oil had
double-digit percentage declines.

The FAO Food Price Index, which tracks monthly changes in the
international prices of commonly-traded food commodities, averaged 140.9
points in July, which is 8.6 percent lower than the previous month's
average. This marks the fourth consecutive monthly decrease since
hitting all-time highs in early 2022. Compared to last year's price
index, July 2022's record is still 13.2 percent higher than the average
recorded in July 2021.

??The decline in food commodity prices from very high levels is welcome,
especially when seen from a food access viewpoint; however, many
uncertainties remain, including high fertilizer prices that can impact
future production prospects and farmers' livelihoods, a bleak global
economic outlook, and currency movements, all of which pose serious
strains for global food security,? said FAO Chief Economist Maximo Torero.


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