FAO Meals commodity costs drop for the month – Muricas News

The Meals and Agriculture Group of the United Nations (FAO) introduced on Friday that world meals costs fell for the fifth month in a row, due partially to the resumption of exports from Ukraine’s Black Sea ports.

The FAO Meals Worth Index, which tracks month-to-month developments within the costs of a basket of primary meals commodities, has fallen steadily since hitting an all-time excessive in March following the Russian invasion of Ukraine.

A reasonable decline of 1.9 p.c was recorded in August.

Vegetable oil costs fell from their ranges a yr in the past, after a 3.3 p.c decline.

The FAO Cereals Index fell 1.4 p.c, led by a 5.1 p.c drop in world wheat costs.

The group stated that this got here towards the backdrop of “enhancing manufacturing prospects in North America and Russia, along with the resumption of exports from the Black Sea ports in Ukraine for the primary time after a five-month hiatus.”

The FAO added that world wheat costs are nonetheless 10.6 p.c larger than in August of final yr.

Exports from Ukraine, one of many world’s largest pre-war suppliers of wheat, corn and sunflower oil, declined because of the Russian blockade of the Black Sea.

Provides resumed in early August beneath an settlement brokered by the United Nations and Turkey.