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GLOBAL FOOD PRICES DECLINE IN AUGUST- LOWEST IN TWO YEARS
Sep. 11, 2023
by Keith Good, University of Illinois' FarmDoc project
Bloomberg writer Agnieszka de Sousa reported today that, "Global food prices resumed declines to the lowest in more than two years amid ample supplies of cooking oils and dairy, even as worries persist over flows of key staples from some regions.
"An index of food-commodity costs fell 2.1% last month on subdued demand and good output of vegetable oils and milk, the United Nations' Food and Agriculture Organization said Friday. The gauge has slid 24% since hitting a record in March 2022, when Russia's invasion of Ukraine disrupted grain exports."
The Bloomberg article explained that, "Grains have been a big driver of the retreat since last year. A second bumper Russian wheat harvest has helped temper prices, and Ukrainian exports continue to flow despite the end of a Black Sea grain deal and repeated attacks on its ports. The US is also forecast to collect a near-record corn crop, although extreme heat at the end of the growing season risks curbing yields."
And Reuters writer Gus Trompiz reported today that, "The United Nations food agency's world price index fell in August to a new two-year low, reversing a rebound seen the previous month, as a decline in most food commodities offset increases for rice and sugar."
To read the entire report click here.
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