The United Nations Food and Agriculture Organisation's (FAO) headline Food Price Index, which stood at a revised 119.3 in April, rose by 0.9% in May to 120.4, its highest level in six months.

The organisation's report shows that cereal prices jumped 6.3 per cent, rising for the second consecutive month and reaching their highest level in four months, as global export prices for all major cereals increased, with wheat rising the most. 

In addition, dairy prices rose by 1.8 per cent to the highest level in thirteen months, according to „Trading Economics“.

On the other hand, vegetable oils declined by 2.4%, as a fall in palm oil prices more than offset a rise in soybean, rapeseed and sunflower oil prices.

Meat prices fell by 0.2% as international poultry and beef prices fell, while pork and sheepmeat prices increased. 

Sugar prices also fell by 7.5%, declining for the third consecutive month and reaching their lowest level since January 2023, mainly due to a good start to the new harvest season in Brazil, boosted by favourable weather conditions.

The FAO World Food Price Index (WFPPI) shows the price developments in international markets for five food groups: cereals, meat, dairy products, vegetable oils and sugar.