World food prices fall to two-year low in May – UN food agency

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The Food and Agriculture Organization’s (FAO) price index, which tracks the most globally-traded food commodities, averaged 124.3 points in May against a revised 127.7 for the previous month, the agency said on Friday.

The May reading marked the lowest since April 2021 and meant the overall index was now 22% below an all-time peak reached in March 2022 following the start of Russia’s invasion of Ukraine.

In a separate report on cereals supply and demand, the FAO forecast world cereal production this year at 2.813 billion tonnes, a 1% increase from 2022 that mainly reflected an expected rise in maize output.