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“FAO”: Food prices fell in May for the second consecutive month

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Global food prices fell in May for the second consecutive month after hitting a level record in March, but the cost of grain and meat rose, the United Nations Food and Agriculture Organization said Friday.

The “FAO” food price index, which includes the most traded food products globally, recorded one media by 157.4 points last month, up from 158.3 in April.

The April figure was previously set at 158.5 points.

Although it is in drop on a monthly basis, the May index was 22.8% in more than the previous year, in part driven by concerns about the impact of the Russian invasion of Ukraine.

In separate estimates of grain supply and demand on Friday, “FAO” said it expects global grain production in the 2022-2023 season to decline for the first time. in four years, in drop of 16 million tons from the level record in 2021 of 2,784. billions of tons.

While the price indices of dairy products, sugar and vegetable oils fell last month, the meat index rose and reached an all-time high, and the cereal index rose by 2.2. %, with wheat in 5.6% increase on a monthly basis. On an annual basis, wheat prices increased by 56.2%.

The “FAO” said wheat prices rose due to India’s announcement of an export ban, as well as lower production expectations from Ukraine due to the Russian invasion.

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