Food Prices
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FAO Food Price Index Continues Decline, But Concerns over Black Sea Grain Initiative Remain
Commodity prices continued to fall in June, according to the FAO Food Price Index, which declined 1.4 percent from its May level. This reflects at 23.4 percent drop from June 2022.
Increased tensions in Ukraine again threaten the Black Sea Grain Initiative
On June 6, the Nova Kakhovka dam in southern Ukraine, located about 70 km upstream of Kherson, a port city on the Dnipro River, collapsed, sending an uncontrollable flow of water from its reservoir downstream. Futures markets reacting to the news sent wheat futures up almost 3 percent before falling back later that day.
Central America and Caribbean Facing Rising Food Insecurity
IPC Phase 2 through 4 (Stressed through Emergency) food insecurity is expected to continue in Central America and the Caribbean through September, according to an alert from FEWS Net.
Food Prices Continue Decline in May, But Concerns about Inflation Remain Strong
The FAO Food Price Index declined by 2.6 percent in May. Compared to May 2022 levels, the Index is 22.1 percent below its all-time high.
Food price inflation continues putting people’s food security at risk
FAO’s Food Price Index edged up slightly in April 2023, the first increase following 12 consecutive months of decline. The increase in this index for internationally traded food commodities was caused by a sharp rise in sugar prices and a moderate rise in meat prices. International prices for cereals, dairy and vegetable oils continued their prolonged decline after peaking in March 2022. Among cereals, only rice prices were up, but this rise was outweighed by further declines in the prices for wheat and maize.