The Food and Agriculture Organisation (FAO) has stated that the benchmark for world food commodity prices remained stable in June.
The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally traded food commodities, averaged 120.6 points in June, the same as its revised figure for May.
It explained that June’s index was 2.1 per cent lower than its year-earlier value and 24.8 per cent below its March 2022 peak.
FAO Cereal Price Index declined by 3.0 per cent in June from May, with quotations for coarse grains, wheat, and rice all down, driven in part by improved production prospects in major exporting countries.
However, its Vegetable Oil Price Index rose 3.1 per cent from May, buoyed by reviving global import demand for palm oil and firm demand from the biofuel sector in the Americas for soy and sunflower oils.
The FAO Sugar Price Index increased by 1.9 per cent from May after three consecutive monthly declines, largely due to concerns over the likely impact of adverse weather and monsoons on production in Brazil and India.
