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World food prices post biggest decline since 2008 in July

Bloomberg
Bloomberg8/5/2022 04:44 PM GMT+08  • 2 min read
World food prices post biggest decline since 2008 in July
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Global food prices fell the most since 2008 after concerns over supplies of grains and vegetable oils eased as Ukraine moved toward restarting exports.

A United Nations index of world food costs plunged almost 9% in July. The index fell to the lowest since January, before Russia’s blockade of ports in Ukraine -- a major food exporter -- pushed up food costs to a record.

The UN index fell for a fourth month, offering some relief to consumers facing a deepening cost-of-living crisis that spans everything from energy to transport. Still, prices remain elevated, putting pressure on low-income households and worsening global hunger.

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