Global food prices drop sharply in July

The United Nations Food and Agriculture Organization (FAO) said Friday (Aug. 5) that global food prices fell sharply in July. This is the sharpest decline in 14 years.

The price index for food commodities fell by 8.6% in July, the sharpest decline in a single month since 2008.

However, the food price index is still 5% higher than at the beginning of this year and 13% higher than last year.

Last April, the world food price index reached a record high. Fuel prices rose and grain exports from Russia and Ukraine slowed due to the war and other supply chain issues.

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