The FAO World Food Price Index fell in May to a two-year low as sharp declines in the prices of vegetable oils, cereals, and dairy products outweighed increases in sugar and meat prices, also raising hopes that global inflation is beginning to decline.
Wheat prices fell to their lowest levels in more than two years as markets were hit by ample supplies from Russia and the good condition of European crops. The FAO forecast that world cereal production this year will reach 2.813 billion tons, up one percent from 2022, mainly reflecting an expected increase in maize production.
Source (Asharq Al-Awsat Newspaper, Edited)
