Global food prices declined for a third consecutive month in June, but remained close to record high levels set in March, United Nations' Food and Agriculture Organization (FAO) announced on Friday.
The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 154.2 points last month, down 2.3% from May. The index is yet still close to a record high of 159.7 points hit in March.
Despite the decline, the June index was still 23.1% higher than a year earlier.
The global food prices are pushed by a strong global demand, adverse weather in some major countries, high production and transportation costs, supply chain disruptions due to COVID-19, and geopolitical tensions, according to the FAO.
The FAO's cereal index declined 4.1% from May, but was still up 27.6% year-on-year. FAO said this decline was driven by more crops due to the new harvests in the northern hemisphere, improved crop conditions in some major producing countries, and higher production prospects in Russia.
The vegetable oil price index fell 7.6% month-on-month, while the sugar index fell 2.6% from May.
The FAO meat price index rose 1.7% in June, setting a new record high, while the dairy index jumped 4.1% month-on-month.
In separate cereal supply and demand estimates, the FAO increased its forecast for global cereal production in 2022 to 2.792 billion tons from a previously given 2.784 billion.