World food prices in August experienced a slight decrease

World food prices in August experienced a slight decrease

In August 2024, world food prices showed a slight decrease. According to data from the Food and Agriculture Organization of the United Nations (FAO), the food price index, which reflects changes in prices for the main groups of products, decreased by 0.6% compared to the previous month.

Changes in the grain market became the main factors contributing to the price reduction. In particular, wheat and corn prices fell due to increased production in key producing countries. In the United States, the largest exporter of wheat, the harvest of this crop turned out to be higher than expected, which contributed to lower prices on the world market.

An increase in prices was observed in the market of vegetable oils, but this did not compensate for the overall decrease in the index. In particular, palm oil prices have risen due to restrictions on exports from major producing countries such as Indonesia and Malaysia. This is caused by both climate change and domestic political decisions.

Prices for dairy products also fell due to lower demand in some regions of the world. However, this trend was not sufficient to have a significant impact on overall global prices, which remain at a high level compared to historical data.

At the same time, meat prices remain stable with minor fluctuations. Despite some discounts in the prices of pork and beef in individual countries, global prices did not show significant changes due to the global constant demand for these products.

Overall, global food prices remain at high levels, but their slight decline in August is a positive sign for consumers. In the coming months, it is important to monitor the trends in the markets of basic food commodities to better assess the impact on global prices and possible changes in the economic situation.