The core index of global food prices fell in May 2023 to the lowest level in two years. According to the UN’s FAO, this happened against a significant drop in quotations for most cereals, vegetable oils, and dairy products.
The food price index averaged 124.3 points in May, down 2.6% from April and 22.1% below the all-time high in March 2022. The grain price index decreased by 4.8% compared to April. The oil price index fell by 8.7% in May, an average of 48.2% below the previous year’s level. The price index for dairy products decreased by 3.2% compared to April.
On the other hand, the sugar price index grew for the fourth month in a row, increasing by 5.5% compared to April and reaching a level almost 31% higher than a year earlier. The meat price index also increased in May, increasing by 1%.