Discover the latest update on the United Nations world food price index for June! The index remained steady, with increases in vegetable oil, sugar, and dairy products offset by a decline in cereal prices. Learn more about the FAO's price index, tracking the most globally traded food commodities, which averaged 120.6 points in June, unchanged from May. Get insights on how this data can impact your investment decisions and financial strategies.
Prior to June, the FAO index had been on the rise for three consecutive months, rebounding from a three-year low in February. Find out how food prices have evolved since hitting a record peak in March 2022, following geopolitical events like Russia's invasion of Ukraine. The June value is 2.5% lower than a year ago and 24.8% below its 2022 high.
In a separate report, FAO increased its forecast for global cereal production in 2024 by 7.9 million tonnes, reaching a new all-time high forecast of 2.854 billion tonnes. Understand the implications of this production outlook on food prices and market trends.