Food prices on the international market rose slightly in June

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 cereals, meat, dairy products, vegetable fats and sugar, rose by 0.5 per cent in June compared to May, the organisation said on Friday.

This result was driven by higher prices for meat and dairy products and vegetable fats.

In a year (last month, compared to June last year), food on the international market has risen by an average of 5.8 per cent, but it has fallen by 20.1 per cent since March 2022, when it was at an all-time high, after the start of Russia's invasion of the world's agricultural powerhouse, Ukraine.

Cereal prices fell by an average of 1.5 per cent last month compared to the previous month and were 6.8 per cent lower than a year ago.

Pean fat rose by 2.3% on the month and 18.2% on the year.

Meat products were on average 2.1% more expensive in June than in May, with all types of meat – beef, mutton, pork, poultry being more expensive over the month. Over the year, prices rose by an average of 6.7 per cent.

Dairy products rose by an average of 0.5 per cent per month and 20.7 per cent per year. Butter prices rose the most by 2.8 percent on average during the month.

Sugar prices fell by 5.2 per cent over the month, reaching their lowest level since April 2021.

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.