Global food prices declined in July, according to the Food and Agriculture Organization of the United Nations.
The Monthly Food Price Index averaged 168.8 points in July 2018, down 6.5 points , or 3.7 percent from June and 10.3 points from the corresponding period last year.
The July decline marked the first significant month-to-month decrease in the value since December 2017, reflecting notable drops in the values of all sub-indices.
The price of cereal grains dropped 3.6 percent from June, driven by weaker export quotations for wheat, corn and rice. Vegetable oil prices dipped 4.2 percent, reflecting weaker palm and soy oil values. Meat prices were down 3.3 percent globally, due to a gradual normalization of meat exports from Brazil which was impacted by a truck drivers’ strike.
Dairy prices fell 6.6 percent in July as international price quotations across all dairy commodities fell, with the sharpest declines registered for butter and cheese.
Finally, sugar prices fell six percent, largely driven by improved production prospects in the main sugar producing countries.