The United Nations Food and Agriculture Organisation (FAO) says that food prices eased marginally across the globe in July.
The FAO, in its global food index report, said that the most globally traded food commodities averaged 120.8 points in July.
This figure is down from 121.0 points in June.
The report which recorded a decrease in cereals said it outweighed an increase in vegetable oil, meat products and sugar.
Based on the figures released in the report, the vegetable price index soared to an average of 135 points in July, up 3.2 points from June, marking the second consecutive increase to a one-and-a-half-year high.
“The continued increase of the vegetable index reflected higher global quotations across palm, soy, sunflower and rapeseed oils,” the report said.
According to the report, cereal prices averaged 110.8 points in July, down 4.4 points from June and 15.1 points from its July 2023 value.
This is its lowest level in nearly four years with global export prices for all major cereals falling for the second consecutive month.
It added that wheat prices fell on seasonal availability from ongoing winter harvests in Canada and the USA.
It noted that strong exporter competition and weak global demand also weighed on wheat prices.
