FAO’s Global Food Price Index Stabilized in June 2024

Rome, The United Nations' Food and Agriculture Organization (FAO)'s global food price index stabilized in June 2024, as declines in grain prices offset increases in vegetable oils, sugar, and dairy products. The average index for food prices tracked by FAO stood at 120.6 points in June 2023, unchanged from May. The May reading was adjusted from an initial 120.4 points. Before June 2023, FAO's index had risen for three consecutive months after reaching its lowest level in three years in February, after a decline in food prices from an unprecedented peak recorded in March 2022, following the Russian military operation in Ukraine, as Russia and Ukraine are the most important exporters of crops. The reading for June last year decreased by 2.5 percent compared to the previous year, which is 24.8 percent lower than the peak in 2022. In a separate report, FAO raised its forecast for global grain production in 2024 by roughly 7.9 million tons (an increase of 0.3 percent), reaching 2.854 billion tons. This slight increase over 2023 levels marks the highest forecast ever recorded. Source: Qatar News Agency