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7/8, 11:45 AM (Source: TeleTrader)
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UN: Global food prices continue to decline in June

The Food and Agriculture Organization of the United Nations published its Food Price Index (FFPI) for June on Friday, according to which world food prices have declined for the third consecutive month.

"The drop in June reflected declines in the international prices of vegetable oils, cereals and sugar, while dairy and meat prices increased," the report read, explaining that prices of cereals fell by 4.1% on a monthly basis, while international wheat prices fell by 5.7% compared to May. Vegetable oil prices were down 7.6% month-on-month, and dairy prices rose 4.1% from May, at the same time recording a 24.9% increase compared to the same period last year due to "market concerns over supply availabilities."

Meat prices reached a new record high by increasing 1.7% month-on-month amid ''tight global supply conditions.'' On the other hand, sugar prices globally marked a monthly decline of 2.6%.

Baha Breaking News (BBN) / MM