World food prices fall to two-year low in May

© Reuters. FILE PHOTO: A person reaches for merchandise at a grocery store aisle with vegetable oil in Cairo, Egypt, March 22, 2022. REUTERS/Mohamed Abd El Ghany

PARIS (Reuters) – The United Nations meals company’s world worth index fell in Might to its lowest in two years, as sharp falls in costs of vegetable oils, cereals and dairy outweighed will increase for sugar and meat.

The Meals and Agriculture Group’s (FAO) worth index, which tracks essentially the most globally-traded meals commodities, averaged 124.3 factors in Might in opposition to a revised 127.7 for the earlier month, the company stated on Friday.

The Might studying marked the bottom since April 2021 and meant the general index was now 22% under an all-time peak reached in March 2022 following the beginning of Russia’s invasion of Ukraine.

In a separate report on cereals provide and demand, the FAO forecast world cereal manufacturing this 12 months at 2.813 billion tonnes, a 1% improve from 2022 that primarily mirrored an anticipated rise in maize output.