The world index of food commodity prices recorded a notable drop last July, affected by the sharp drop in the prices of the main grains and vegetable oils.
In its monthly report, the United Nations indicated that the standard index (FAO) of average prices for food products fell sharply in July to 140.9 points, 8.6 percent less than its level in June 2022.
The Food and Agriculture Organization index saw vegetable oil prices fall 2.19 percent in July from their June level, their lowest level in 10 months.
The same indicator in the price of grains also decreased 5.11 percent in the month, although it remained 6.16 percent above its value registered in July 2021.
In this regard, the Chief Economist of the FAO, Máximo Torero, said that “a fall in food prices from very high levels is desirable, especially in terms of access to food, but many uncertainties remain.”
It should be noted that the benchmark index, which tracks monthly changes in international prices for a basket of traded food products, remained higher than in July 2021 at 1.13 percent.