World food prices fell for a third straight month in June. However, the United Nation’s food agency says those prices are close to record levels set in March. The Food and Agriculture Organization’s food price index tracks the most globally-traded food commodities, and the index averaged 154.2 in June. That’s down from 157.9 in May. Despite the drop, the June index was over 23 percent higher than at the same time last year. The FAO’s Chief Economist says the factors that drove global prices higher in the first place are still in play. In the cereal supply and demand estimates, the FAO raised its global production estimate to 2.79 billion tons, still six percent lower than in 2021. The cereal index dropped 4.1 percent from May but was still almost 28 percent higher than last year. The vegetable oil price index fell 7.6 percent while the meat index rose 1.7 percent.
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