World food prices continue to decline – Economics – Kommersant
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The FAO Food Price Index continues to decline for the fourth consecutive month from the record highs recorded in March. In July, the average value of the index was 140.9 points, which is 13.3 points, or 8.6%, lower than in June. This is the sharpest decline since October 2008, according to materials FAO. It is primarily due to the fall in prices for vegetable oils (-19.2% against June) and cereals (-11.5%). A less significant decrease was recorded in other components of the index.
The improvement of the situation with grain was partly facilitated by an agreement to unblock Ukraine’s grain ports and resume export deliveries. In addition, the start of harvesting in the Northern Hemisphere has led to an increase in supply. Also in July, a decrease in world prices for palm, soybean, rapeseed and sunflower oils was recorded.
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