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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.

Customers shop at a supermarket in Saint Ives, U.K., on July 5.

Photographer: Chris Ratcliffe/Bloomberg
Updated on

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.