Global Food Prices Drop in July
Global food prices fell by the biggest amount since 2008 due to easing concerns over the supplies of grains and vegetable oils as Ukraine restarted its exports. The United Nations world food cost index dropped almost 9% in July. According to Bloomberg, the index is at its lowest level since January before Russia’s attack on Ukraine helped push the cost of food close to record levels. It’s the fourth-straight monthly drop in the U.N index, giving some relief to consumers struggling with a cost-of-living crisis covering everything from energy to transportation.
However, despite the decrease, food prices are still high, and global hunger is getting worse. Wheat and corn prices eased last month after Russia and Ukraine reached a deal to reopen Ukraine’s ports. While there are still many challenges yet to solve, three more grain ships left the country’s ports on Friday.
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