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World Food Prices Post Biggest Decline Since 2008 in July

  • Drop offers some relief amid deepening cost-of-living crisis
  • Ukraine restarted some grain shipments after deal with Russia
Wheat harvest in the Ternopil region of Ukraine on Aug. 4.

Wheat harvest in the Ternopil region of Ukraine on Aug. 4.

Photographer: Alexey Furman/Getty Images

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Global food prices fell the most since 2008 after concerns over supplies of grains and vegetable oils eased as Ukraine moved toward restarting exports.

A United Nations index of world food costs plunged almost 9% in July. The index fell to the lowest since January, before Russia’s blockade of ports in Ukraine -- a major food exporter -- pushed up food costs to a record.