The Food and Agriculture Organisation of the United Nations (FAO) food price index, which reflects the evolution of world market prices for five groups of food products: cereals, meat, dairy products, vegetable fats, and sugar, remained at its highest level of the year in June, after having been reached in the previous month.

Food on the international market was 2.1 per cent cheaper last month than a year earlier, a price index that was 24.8 per cent below the record high reached in March 2022, the organisation said on Friday.

Cereals fell by an average of 3 per cent over the month, with global export prices for all major cereals falling, while the drop in wheat prices mainly reflected seasonal pressures from the start of the harvest in the Northern Hemisphere. Grain was on average 9% cheaper in June than a year earlier.

The Meat Price Index was unchanged over the month, as declines in poultrymeat prices were offset by moderate increases in sheepmeat, pork and beef prices. Meat on the international market fell by 1.8 per cent over the year.

In contrast, prices for vegetable oil rose 3.1 per cent to their highest level since March 2023, with expensive sunflower, soybean and palm oils.

The dairy price index rose 1.2% on the month and 6.6% on the year. Butter prices last month reached the highest level in two years.

The Sugar Price Index ended three months of decline, rising by 1.9% in June but 21.6% below the same month last year.