Wheat and corn helped to lead the way down as world food prices eased in May, the Food and Agriculture Organization (FAO) of the United Nations reported Friday.
The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, averaged 124.3 points in May, down 2.6% from April and as much as 22.1% below the all-time high reached in March 2022 following the Russian invasion of Ukraine.
The May decline in food prices follows a slight uptick in April, when the index inched up 0.6% to 127.2 points. The increase in April was the first in a year.
The FAO Cereal Price Index fell 4.8% in May from the previous month, led by a 9.8% drop in world corn quotations due to a favourable production outlook and weak import demand. World wheat prices declined, by 3.5%, reflecting ample supplies and the new extension of the Black Sea Grain Initiative. In contrast, international prices of rice continued to increase in May, underpinned by Asian purchases and tighter supplies in some exporting countries, such as Viet Nam and Pakistan.
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