Food prices lowest in six months in July: FAO
Food prices are set to be stable over the next 10 years.
Global food prices hit a six-month low in July led mainly by sharp declines in grains, oilseeds and dairy, which balanced out rising meat and firm sugar prices, the United Nations food agency said on Thursday.
Food prices are set to be stable over the next 10 years, after global producers responded to price shocks which led to violent protests in the last decade by raising output, the United Nations and FAO said last month.
An import ban imposed by Russia to stop countries that have sanctioned Moscow over Ukraine from selling food there for the next year will likely have a limited effect on global food prices, senior FAO economist Abdolreza Abbassian said.
“The first casualties would be the domestic market, however it will have some implications for the farmers in the producing countries,” Abdolreza Abbassian said, pointing to a possible rise in unsold surplus stocks in some exporter countries which could depress prices further.
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