Global Food Costs Finally Drop After Surge to Decade High
- UN’s global food index fell in June after a 12-month advance
- Still, consumers may not yet feel the mild drop: FAO economist
Customers shop at a supermarket in Saint Ives, U.K., on July 5.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Global food prices fell for the first time in a year, potentially offering some relief for consumers and easing inflationary pressures.
A United Nations gauge of food costs dropped 2.5% in June, easing from a nine-year high and marking the first decline since May 2020. Prices of vegetable oils and cereals declined during the month, offsetting gains in meat and sugar.