FAO: Food on the international market fell in May

The Food and Agriculture Organization of the United Nations (FAO) food price index, which reflects the evolution of world market prices for five groups of cereals, meat, dairy products, vegetable fats and sugar, fell by 0.8% in May compared to April, the organization said on Friday.

This result was driven by cheaper cereals, vegetable fats and sugar.

In a year (last month, compared to May last year), food has risen by an average of 6 per cent on the international market, but has fallen by 20.3 per cent since March 2022, when it was at an all-time high, after the start of Russia's invasion of the global agricultural powerhouse, Ukraine.

Cereal prices fell by an average of 1.8 per cent last month compared to the previous month, and were 8.2 per cent lower than a year earlier.

Food fats fell by 3.7% on the month but rose by 19.1% on the year.

Meat products were on average 1.3% more expensive in May than in April, with beef, mutton and pork expensive over the month, and poultry meat cheap. Over the year, prices rose by an average of 6.8 per cent.

Dairy products rose by an average of 0.8 per cent on the month and 21.5 per cent on the year, while sugar & sugar & milk products fell by 2.6 per cent and 6.6 per cent respectively.

The FAO Food Price Index reflects price changes on the international market, but these only partially affect prices in shops and can take time to be felt.