Global food prices continue to drop but still remain significantly higher than a year ago.
Today’s FAO Food Price Index showed a steep drop in July of nearly 9 percent, but they are still 13 percent higher on the year. The July decline was the most drastic since 2008.
Vegetable oil and cereals came down significantly. Sugar, dairy, and meat also fell, but to a lesser extent.
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Egg prices have been on a roller coaster this year, soaring sky-high and falling back down to Earth in just a few months.
Diesel prices are on the rise, posing a huge challenge for farmers as they navigate their operations through the beginning of harvest season for many key U.S. crops.
In June, prices were down 77% compared to the highest weekly price in 2022.
