August Global Food Price Index Slightly Declines... Edible Oils and Dairy Products Rise

The Food and Agriculture Organization (FAO) of the United Nations reported that the global food price index for August fell by 0.3% from the previous month to 120.7 points.

According to the Ministry of Agriculture, Food and Rural Affairs on the 7th, prices of grains, meat, and sugar decreased, while prices of oils and dairy products increased. Grain prices dropped by 0.5%, meat by 0.7%, and sugar by 4.7%. Oils such as palm oil and dairy products rose by 0.8% and 2.2%, respectively.

The FAO food price index reached an all-time high in March 2022 following Russia's invasion of Ukraine, then fell to its lowest level in three years in February of this year.

The FAO surveys international price trends of 24 items and publishes a monthly food price index for five commodity groups: grains, oils, meat, dairy products, and sugar.

The FAO forecasted that global grain production for 2024/25 will be 2.851 billion tons, nearly the same as in 2023/24.

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