Significant shifts in global food prices were observed in August by the FAO Food Price Index, capturing the attention of markets and consumers worldwide.
The Drop
The FAO Food Price Index for August fell by 2.1 percent compared to the previous month. This was mainly due to lower prices for dairy, vegetable oils, meat, and cereals.
- Cereals: Down slightly over half a percent.
- Dairy: A significant four-percent decrease.
- Meat: A three-percent dip on the month, bringing it five percent lower than the same time last year.
The Sugar Twist
Sugar prices saw an increase of about one percent from July, and have soared more than 30 percent higher than the previous year, which is a sweet surprise for producers amid an overall decline.
The Meat Index’s Downfall
The meat index took a significant hit, contributing to the overall price drop. It fell by three percent, leaving it around five percent lower than last year’s prices.
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