World food prices continued to decline in June

World food prices in June fell for the second month in a row after the first rise in April in a year. About it reported on the website of the Food and Agriculture Organization of the United Nations (FAO).

The organization’s World Food Price Index (FFPI) was 122.3 in June, down 1.4% from May and 23.4% from its March 2022 peak. ,1%.

“The index’s monthly decline in June reflected the decline in sugar, vegetable oils, cereals and dairy products, while the meat price index remained virtually unchanged,” the report said.

World grain prices fell in June by 2.1% in monthly terms and by 23.9% in annual terms. Feed grains fell the most (-3.4%), wheat fell 1.3% on the back of lower export duties in Russia and improved planting conditions in the United States. Rice fell 1.2%.

Dairy products became cheaper on average by 1% compared to May (-22.2% yoy). The decline was driven by lower international cheese prices amid increased exports by European producers. Meat prices in monthly terms remained almost unchanged, in annual terms, the fall was 6.4%. Beef, the FAO noted, fell slightly in price, but pork (due to low supply in the leading producing regions) and poultry meat (against the backdrop of ongoing supply problems due to outbreaks of bird flu) rose in price.

Earlier, Minister of Agriculture Dmitry Patrushev said that the forecast for grain harvest in Russia in 2023 could be adjusted upwards. In April, he said that the grain harvest in the country, taking into account new regions, is projected at the level of 123 million tons at the end of the year, of which 78 million tons will fall on wheat. According to the minister, such a volume will ensure national food security.