Crop Biotech Update

FAO Reports Decline in Global Food Commodity Prices for July

August 17, 2022

The Food and Agriculture Organization of the United Nations (FAO) reported that the benchmark for world food commodity prices declined significantly in July. The prices of major cereal and vegetable oil had double-digit percentage declines.

The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 140.9 points in July, which is 8.6 percent lower than the previous month's average. This marks the fourth consecutive monthly decrease since hitting all-time highs in early 2022. Compared to last year's price index, July 2022's record is still 13.2 percent higher than the average recorded in July 2021.

“The decline in food commodity prices from very high levels is welcome, especially when seen from a food access viewpoint; however, many uncertainties remain, including high fertilizer prices that can impact future production prospects and farmers' livelihoods, a bleak global economic outlook, and currency movements, all of which pose serious strains for global food security,” said FAO Chief Economist Maximo Torero.

Read more from FAO.

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