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The United Nations world food price index declined slightly in July, with a drop in the index for cereals partially offset by increases for meat, vegetable oils, and sugar.
The UN Food and Agriculture Organisation's price index, which tracks the most globally traded food commodities, averaged 120.8 points in July, down from 121.0 in June.
Prior to July, the index had risen for four consecutive months after reaching a three-year low in February, as food prices retreated from a record high set in March 2022 following Russia's invasion of Ukraine.
The July value was 3.1% lower than a year ago and 24.7% below its 2022 peak.
