World food prices remained flat in June

The FAO food price index for 2024/6 was 120.6, unchanged from the May upward revised value of 120.6.

Grain prices fell 3% as global export prices for all major grains fell, and wheat prices mainly reflect seasonal pressures due to ongoing harvesting in the northern hemisphere.

Also, there was almost no change in meat prices because the decline in chicken prices was almost offset by a moderate to slight increase in lamb, pork, and beef prices.

Meanwhile, vegetable oil prices rose 3.1%, reaching a high since 2023/3.

Dairy product costs rose 1.2% due to rising market prices for palm oil, soybean oil, and sunflower oil, but rapeseed oil prices remained almost flat.

Sugar prices rose 1.9 percent, mainly due to lower than anticipated harvests in Brazil in May, and concerns about the potential impact of prolonged dry weather on sugar production next month were raised.

Source: UN Food and Agriculture Organization

The global food price index averaged 87.37 index points from 1990 to 2024, and recorded an all-time high of 160.20 index points in March 2022 and an all-time low of 50.50 index points in May 2002.