Global Food Prices Drop in August – FAO … sugar and meat costs fall

 

By: Justicia Shipena

 

Global food prices saw a slight decrease in August, driven by significant drops in sugar, meat, and cereal costs, according to a recent report from the United Nations Food and Agriculture Organisation (FAO).

The FAO Food Price Index, which monitors the monthly price changes of globally traded food commodities, averaged 120.7 points in August – slightly lower than July and down 1.1% compared to the same period in 2023.

Cereal prices fell by 0.5%, mainly due to an increase in global wheat availability from the Black Sea region, Argentina, and the U.S.

However, maize prices ticked up, impacted by heatwaves in Europe and North America, while rice prices rose due to tighter supply and currency shifts.