In the recently concluded August, the World Food Price Index saw a decline in the prices of some commodities. According to the United Nations Food and Agriculture Organization (FAO), the price index of food products was 121 points in July, from there it reached 120.7 decimal points in August.

This information was revealed in a report published by the United Nations on Friday (September 6). The news agency Reuters reported this information.
According to published data, the prices of sugar, meat and food grains have decreased, but the prices of milk and vegetable oil have increased slightly.

The organization says this change is due to the Russia-Ukraine war. This rate was lowest in February this year in last three years. Earlier in March 2022, the price of food products reached the highest index.

The August price index was 1.1 percent lower than a year ago and 24.7 percent lower than the March 2022 peak.

In a separate report, the FAO said the global crop production forecast was cut by 2.8 million metric tons to 2.851 billion tons. Which is equal to the previous year’s production.

Mainly because of hot and dry weather conditions, the production potential of coarse grains has decreased in the European Union, Mexico and Ukraine.

World cereal consumption is forecast for the 2024-2025 fiscal year, down from 4.7 million tons in July to 2.852 billion tons, an increase of 0.2 percent from 2023-2024.

The agency also said that forecast global grain stocks at the end of the season in 2025 were cut by 4.5 million tonnes to 890 million tonnes.