The Food and Agriculture Organization of the United Nations Price Index (FAOwhich collects the most traded food products worldwide, is placed in an average of 120.8 points in Julyin front of the June 121.0The June reading was revised after initially being given as 120.6.
By July, the FAO index had risen for four consecutive months, after hitting a three-year low in February as food prices fell from a record high reached in March 2022 following Russia’s invasion of Ukraine, a major crop exporter.
July’s value was 3.1% lower than a year ago and 24.7% lower than its 2022 peak.
