Food prices dropped significantly in July, marking the fifth consecutive monthly decline since hitting record highs earlier in the year in the wake of the war in Ukraine, the Food and Agricultural Organization (FAO) reported on Friday.
, including high fertilizer prices that can impact future production prospects and farmers' livelihoods, a bleak global economic outlook, and currency movements, all of which pose serious strains for global food security."
In July, FAO's Vegetable Price Index decreased by 19.2 per cent compared to June, marking a 10-month low. International quotations for all oil types fell, the agency said, with palm oil prices declining due to prospects of ample export availability out of Indonesia, for example. Additionally, sunflower oil prices also dropped markedly amid subdued global import demand, despite continued logistical uncertainties in the Black Sea region. Vegetable oil values were also pushed down by lower crude oil prices.The Cereal Price Index also reflected an 11.5 per cent decline last month, though remaining 16.6 per cent above July 2021. Prices of all cereals in the index declined, led by wheat.
World wheat prices dropped by as much as 14.5 per cent, FAO said, partly in reaction to the Russia-Ukraine deal onfrom key Black Sea ports, and also because of seasonal availability from ongoing harvests in the northern hemisphere. July also saw an 11.2 per cent decline in coarse grain prices. Maize was down 10.7 per cent, again due in part to the Black Sea Grain Initiative and increased seasonal availabilities in Argentina and Brazil. Additionally, international rice prices also declined for the first time this year.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Private sector shows solid improvement in JulyRising costs of fuel, utilities and labour present challenges, PMI shows
Read more »
WATCH: Bitcoin posts double digit gains in JulyBusiness Day TV speaks to Marius Reitz from Luno
Read more »
July unrest: Trial against alleged instigator linked to KZN mall arson adjourned
Read more »
Private sector shows solid improvement in JulyBut rising costs for fuel, utilities and labour present challenges for the sector, leading to sharp increases in business expenses
Read more »
These were SA’s best-selling cars in JulyToyota remains tops despite its flooded factory, while Chery delivers a surprise
Read more »
July unrest: Man accused of instigating torching of Pietermaritzburg mall to go on trial | News24Ndumiseni Khetha Zuma, who is alleged to have instigated the torching of the Brookside Mall in Pietermaritzburg, is set to go on trial on Thursday and Friday.
Read more »