Global food prices drop over 22% from March 2022 record high, says UN report
Central bankers have been given another shot in the arm for their fight against inflation as the cost of key foodstuffs fell in May, with prices now down more than 20% from the record high set in March 2022, according to a United Nations report released Friday.
In particular, declines were led by cereals, oils and dairy products, which should help ease inflation pressures for policy makers around the world. Persistently higher prices for commodities such as energy, food and industrial goods have been a common trend since before Russia's war with Ukraine, but food prices especially jumped following the invasion due to worries that exports would be halted from the Black Sea.
"A favorable outlook for 2023-24 pointing to a rebound in global supplies, with higher production expected in Brazil and the United States of America, two major exporters, weighed on prices," the FAO said. That said, rice prices did inch higher through the month, with supplies tightening in Pakistan and Vietnam.
Dairy prices also moved lower, by 3.2% to 118.7 points in May, the FAO said, with lower prices of cheese dragging prices, which are down by 17% from May 2022.
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