The United Nations Food and Agricultural Organization’s Food Price Index averaged 123.9 points in July, up 1.5 points, or 1.3 percent, from June. However, it remains 16.6 points or 12 percent below its value in the corresponding month last year.
The July rebound was led by a solid rise in the vegetable oils price index and partially offset by a significant decline in the sugar price index. There were small decreases in the price index for cereals, dairy, and meat. The Vegetable Oil Price Index averaged 129.8 points in July, 14 points, or 12 percent higher, than in June. It’s the first increase after seven straight months of declines. The FAO Sugar Price Index averaged 146.3 points in July, 5.9 points, or 3.9 percent lower, than during June.
The Dairy Index was down 0.5 points at 116.3. The Meat Price Index was 117.8 points in July, down 0.4 points from June.