The Food and Agriculture Organization of the United Nations (FAO) announced that global food prices remained unchanged in September after falling to their lowest level in two years. Food Price Index decreased by 0.1 points compared to the previous month and reached 121.5 points in September. This means the price irdex iz down 0.1 points compared to the previous month.
The decline, following the record set in March 2022, will help finally ease food inflation, which has become widespread since Russia’s invasion of Ukraine. On the other hand, cheaper vegetable oils were an important reason for this year’s decline. Sunflower harvests in the Black Sea region and palm crops in Southeast Asia reduced prices by almost 4 percent in September.
Grain prices have increased slightly this year but remain on the decline as Russia’s second consecutive wheat harvest bolsters global supplies. Also in Asia, rice prices fell from a 15-year high as a better crop in Thailand helped cushion the shock caused by India’s export curbs.
Futures for sugar, another major food commodity, hit their highest level in more than a decade last month. The lowest monsoon rainfall in India in five years has also raised concerns that the country will restrict sugar exports to keep local prices under control ahead of next year’s national elections.
While retail food prices in the UK fell for the first time in more than two years in September, costs continued to rise in many countries from Turkey to Kenya.
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