The Food and Agriculture Organisation (FAO) revealed on Thursday that food prices witnessed in July the sharpest monthly drop since last December, as it decreased by 3.7% in July, according to Reuters.
The FAO stated that the decline was witnessed across all crop types, adding that the food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, reached about 168.8 points last month, down from 175.3 in June.
“The decline in July was driven by weaker export quotations for wheat, maize, and rice,” the FAO said.
The FAO noted that international wheat prices decreased during the first half of the month.
Meanwhile, the FAO did not provide any expectation for cereal output in 2018.