🌽 The Food Price Index has dropped for the seventh consecutive month – the lowest in three years

• The United Nations Food and Agriculture Organization (FAO) reports that the Food Price Index in February fell to its lowest level in three years.
• Prices for cereals, especially corn and wheat, decreased by 5 percent.
• The FAO Food Price Index tracks the changes in international market prices of 55 agricultural commodities and foods.

Decrease in prices for cereals and vegetable oils

In February 2024, the Food Price Index continued its downward trend, now standing at the lowest level in three years. Cereal prices, including corn and wheat, fell by 5 percent. This, along with a 1.3 percent decrease in vegetable oils, where reductions in global prices for soybean, sunflower, and rapeseed oil more than offset the slightly higher quotations for palm oil, contributed to the overall drop in the index.

However, dairy and meat prices increased. Dairy products rose by 1.1 percent, reaching the highest level in nine months. Meat prices increased by 1.8 percent, breaking the trend after seven months of declining prices.

The FAO Food Price Index measures the international market prices for 55 agricultural commodities and foods.

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