World food price in August the lowest since February 2021
FAO’s Food Price Index (FPI) fell 2.1 percent in August to 116.7 (adjusted for inflation), down 13.3 percent YOY and its lowest level since February 2021.
Among the component indexes, only the sugar index rose in August, up 1.3 percent from July.
The cereal index fell for the tenth-straight month on weaker prices for wheat, corn, and sorghum. Barley appreciated slightly, and rice was a nominal 15-year high, per FAO.
The vegetable oils index fell again in August, but after a 12.1 percent bump in July, the August index is down 24.3 percent YOY—vs. more significant YOY declines in recent months. Most oils prices fell in August on improved outlooks for many key oilseed crops and some weakness in export demand.
Meat and dairy prices were reported weaker for all major product categories covered.
The full version of this commentary appeared on our IQ platform Sep. 15, 2023. Further information about global food pricing is available to IQ subscribers.Learn more about becoming a subscriber.
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