- World food prices fell slightly in May, but remain at their maximum.
- The FAO global food price index reached a value of 130.8 points in May.
- Cereal and sugar prices rose, with sugar rising by up to 7.5 percent month-on-month.
- The prices of vegetable oils decreased month-on-month.
World food prices fell in May, but remain close to a roughly 3.5-year high. This was reported by the Food and Agriculture Organization of the United Nations (FAO) on Friday. TASR informs about it based on a Reuters report.
The food price index, which tracks monthly changes in the prices of cereals, oilseeds, dairy products, meat and sugar, fell 0.2% to 130.8 points in May from a revised April level, according to FAO data.. However, for April, the organization adjusted the price index upwards. It originally stated 130.7 points, but after the revision it was corrected to 131 points. This is the highest value of the index since January 2023.
Despite the decline, the index remained in May at one of the highest levels since the beginning of 2023. In addition, world food prices rose by 2.9% year-on-year. Behind the month-on-month drop in prices are mainly cof vegetable oils, which fell for the first time since the beginning of the year.
They were down 4.6% from April, as lower palm and soybean oil prices offset higher canola and sunflower oil prices. Compared to May of last year, however, the prices of vegetable oils are still about a fifth higher.
On the other hand, the prices of cereals and sugar increased. Cereal prices rose by 2.6%, mainly due to the continued rise in wheat prices. The prices of this commodity increased in May for the fourth month in a row. Corn prices also rose. Sugar prices rose even more significantly than cereal prices. Growth reached 7.5%, but in a year-on-year comparison they were roughly 13% lower.
