The new report released by the United Nations Food and Agriculture Organization (FAO) on Friday, September 02, 2022 indicates that the global food price barometer foodstuffs fell for the fifth consecutive month in August, as prices for most benchmark products fell. The FAO Food Price Index registered a fall of 1.9 percent, while new forecasts from the UN agency indicate a decline in global cereal production in 2022.

Global food prices fell for the fifth consecutive month in August. The FAO Food Price Index averaged 138.0 points in a row August, down 1.9 percent from July, but still 7.9 percent above its value a year ago.

The FAO Cereal Price Index fell by 1.4 percent compared to the previous month, mainly due to a 5.1 percent drop in international wheat prices due to improved production prospects in North America and the Russian Federation, as well as the resumption of exports from Ukrainian Black Sea ports. The FAO Vegetable Oil Price Index fell 3.3 percent compared to July and was slightly below that of August 2021.