After more than year of climbing, global food prices saw their first declines last month, the first monthly decline in a year.
The data is from UN’s Food and Agriculture Organization (FAO), which tracks food prices around the globe. While the index trended lower, the index shows globally food prices are still up nearly 34% from a year ago.
According to FAO, the global food price index fell a few points from its high in May. The drop was driven by lower vegetable oil, cereal grains and dairy product prices.
The FAO Dairy Price Index fell by 1% to 119.9 points. The report says, “International quotations for all dairy products represented in the index fell with butter registering the highest drop, underpinned by a fast decline in global import demand and a slight increase in inventories, especially in Europe”.
