UNITED NATIONS (AP) — The U.N. Meals and Agriculture Company’s world meals value index dropped for a fourth straight month in July, however was nonetheless 13% greater than in July 2021, the company reported Friday.
FAO mentioned final month’s 8.6% decline was the steepest month-to-month drop within the worth of the index since October 2008. The index hit an all-time excessive in March, instantly following Russia’s Feb. 24 invasion of Ukraine.
The general decline within the July index was led by important drops within the vegetable oil and cereal indexes and lesser declines within the sugar, dairy and meat indexes, FAO mentioned.
The FAO Meals Worth Index measures the month-to-month change in worldwide costs of a basket of meals commodities. It consists of the typical of 5 commodity teams — cereal, vegetable oil, meat, dairy and sugar.
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