Monday, June 6, 2022

Food prices in decline

Food prices declined for the second month in May, reports the Food and Agriculture Organization (FAO) of the United Nations.

The FAO Food Price Index averaged 157.4 points in May 2022, down by six-tenths on one per cent from April.

It was, however, 22.8 per cent higher than a year ago.

The drop in May was led by declines in the vegetable oil and dairy price indices, while the sugar price index also fell to a lesser extent.

 Meanwhile, cereal and meat price indices increased.

Meat prices climbed to a record high primarily because of a steep increase in international poultry meat prices, a reflection of ongoing supply chain disruptions for feed from in Ukraine and recent cases of avian influenza across Europe and North America, FAO reported.