The Food and Agriculture Organization reported that there was a slight easing in food prices in May, when its index averaged 157.4, as compared to April’s 158.3. These prices peaked in March. The May dip is still 23% higher than last year.
The FAO said that it expects cereal production to fall by 16 million tonnes from the 2021 record of 2.79 billion ton. The dairy, sugar and vegetable oil price indices all fell for May, while the meat index edged up to touch an all time high, while the cereal index increased 2.2%, with wheat posting a 5.6% monthly price increase (which for the year were up 56%).
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