United Nations Food Agency, the Food and Agriculture Organisation –FAO announced Thursday that world food prices fell 3.7 in July from June with declines seen across all crop types.
The FAO food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar averaged 168.8 points in July against an upwardly revised 175.3 in June.
The Agency says the drop was the sharpest monthly drop since last December.
It added that international wheat prices were generally weaker during the first half of the month, but concerns over production prospects in the EU and the Russian Federation started to push export values higher towards the end of the month.
FAO did not provide any new forecast for cereal output in 2018. The next new forecast will come September 6.