The United Nations (UN) world food price index held steady in June according to data released on Friday.
There were increases in the indices for vegetable oil, sugar and dairy products balanced out by a fall in the price of cereals.
The UN Food and Agriculture Organisation’s price index, which tracks the most globally traded food commodities, averaging 120.6 points in June, unchanged from May.
May’s reading was revised after initially being given 120.4.
Prior to June, the FAO index had risen for three consecutive months after hitting a three-year low in February.
This was a result of food prices receding from a record peak set in March 2022, following Russia’s invasion of Ukraine, which is a major crop exporter.
The June value was 2.5% down on its level one year ago and 24.8% below its 2022 high point.
In a separate report, FAO raised its forecast for global cereal production in 20224 by 7.9 million tonnes (+0.3%), putting it at 2.854 billion tonnes.
This is up fractionally from 2023 levels and making a new all-time high forecast.
Read More: World Food Price Index Falls To Lowest Level In Three Years
