The United Nations Food and Agriculture Organization has said that global food prices were cheaper in the month of August, declining for the fifth month in a row.
The agency also said despite the latest drop, the prices were still higher by about 8% when compared to that of last year.
What food items are exactly cheaper now?
FAO in its latest food price index released yesterday said the prices of five commodities: cereals, vegetable oil, dairy, meat, and sugar were lower in August than in July 2022. According to the report, the index recorded an average of 138.0% in August, dropping by nearly 2% from July. However, the index is 7.9% above its value last year.
The UN agency attributed the drop in prices to a landmark agreement to unblock Ukraine grain exports amid the ongoing war signed in July by Russia, Turkey, and the UN, as well as the prospect of improved production prospect in North America and Russia, plus the resumption of exports from the Black Sea Port in Ukraine.
What else is in the report?
The report said vegetable oil prices dropped by 3.3%, dairy prices dropped by 2%, also, the price of cheese increased for the tenth consecutive month, prices of meat declined 1.5%, while poultry products and sugar recorded their lowest level since July 2021.