Related blog posts
While the FAO Food Price Index saw a minor increase in July, it remains 16 percent below its July 2022 levels. Rising vegetable oil prices drove the month-to-month increase.
The Cereal Price Index fell by 0.5 percent from June and by 14.5 percent from July 2022. Improved conditions and production in South America drove maize prices down, and overall coarse grain prices fell by nearly 5 percent. Wheat prices rose by 1.6 percent, driven by Russia’s termination of the Black Sea Grain Initiative coupled with dry conditions in North America. Rice prices also increased to the highest level since September 2011; the 2.8-percent rise was the result of seasonally tight supplies, as well as India’s recent announcement of export bans on non-parboiled Indica rice.
The Vegetable Oil Index rose by 12.1 percent in July, the first increase in seven months. Sunflower, palm, soy, and rapeseed oil prices all increased from June, due in part to concerns regarding the termination of the Black Sea Grain initiative and increasing crude oil prices. Palm oil prices and soy oil prices were also driven up by lower production prospects.
The Dairy and Meat Price Indices fell in July by 0.4 and 0.3 percent, respectively, while the Sugar Price Index fell by 3.9 percent.