World food prices fall by 9% in July, biggest fall since 2008

Global food prices fell the most since 2008 after concerns over the supply of cereals and vegetable oils eased as Ukraine moved to restart exports.

The United Nations Index of World Food Costs fell nearly 9 percent in July.

The index has fallen to its lowest level since January before the blockade of Russian ports in Ukraine. The index fell for the fourth month, giving some respite to consumers facing cost of living woes.

Still, prices remain high, putting pressure on low-income households

“Increased seasonal availability in Argentina and Brazil, where corn crops grew at their own pace last year, also helped to ease price pressures,” the FAO said in a statement.

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