Photo Credit: Falk Lademann

The FAO Food Price Index fell sharply in July, the largest such decline since December 2017. The Index dropped by around 3.7 percent month-to-month from June, as well as 3.7 percent from its July 2017 levels. The decline is driven by reductions across all sub-indices.

The Cereal Price Index fell 3.6 percent from June and 0.8 percent from July 2017. The price of wheat, maize, and rice declined in June, although maize and wheat prices crept back up toward the end of the month due to concerns over production prospects.

The Vegetable Oil Index fell 2.9 percent from June to reach a two-and-a-half year low. The decline was driven by reductions in palm oil and soy oil prices, both of which fell due to weakness in the market and strong spill-over stocks from previous months.

The Dairy Price Index fell 6.6 from June and 8 percent from July 2017, based largely on ample export supplies. The Meat Price Index declined by 1.9 percent, while the Sugar Price Index fell by 6 percent.

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