World Food Prices Drop in May

World food prices dropped in May, the second-straight monthly decrease after hitting a record high in March. The U.N.’s Food and Agricultural Organization says while overall prices dipped, the cost of cereals and meat both rose during May. The Food Price Index tracks the most globally-traded food commodities and averaged 157.4 points last month after hitting 158.3 in April. While the average did drop month-to-month, the May index was still 22 percent higher than in 2021. In the cereal supply and demand estimates, the FAO says it expects global cereal production would drop in the 2022-2023 season for the first time in four years after record production last year. The cereal price index climbed 2.2 percent, with wheat posting a 5.6 percent month-on-month gain. The dairy, sugar, and vegetable oil price indices all fell in May, but the meat index edged up to an all-time high level. Vegetable oil dropped 3.5 percent from April.

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