The Food and Agriculture Organisation (FAO) of the United Nations (UN) food price index for July shows a fall of 13.3 points or 8.6% compared with June.
This is the fourth monthly fall in a row reversing an upward trend that began in the middle of 2020 and continued until reaching record levels in March this year.
All of the categories showed a fall, with the largest in cereals and vegetable oils.
The cereals price index fell by 19.1 points to 147.3 or 11.5% below its June value, though this is still 21 points or 16.6% higher than it was in July 2021.
This was explained by the FAO as consequence of the announcement of lifting of the blockade on Ukraine exports, plus the seasonal effect of ongoing harvests in the northern hemisphere.
Bigger supplies from Argentina and Brazil also contributed to a lowering of value.
The dairy price index also fell, but by a much lower amount. It was down 3.8 points to 146.4 in July or 2.5%, but this is still 29.7 points or 25.4% higher than it was in July 2021.
Milk powders were the biggest fallers, with the European market flat and demand from China was also weak.
Cheese prices were stable and limited supplies ensured prices remained at a high level, despite a weak trade.
Despite the fall, the dairy price index is a massive 29.7 points higher than it was in July 2021.
A six-month run of increases came to an end for meat in July, with a marginal 0.6 point fall to 124 points.
Sheepmeat prices fell in July in response to bigger than expected lamb supplies from Australia and it was the same for beef, with higher supplies available from the major exporters meeting limited demand.
Reduced supply of pigmeat internationally reflecting the losses in the sector has helped stabilise the pigmeat market, despite the collapse in demand from China.
The meat price index is 9.9 points higher than it was for July 2021.
The exceptional price increases across agricultural commodities in the first half of 2021 no doubt eased in recent weeks.
However, with input costs of feed, fertiliser and energy all remaining close to record high levels and far ahead of a year ago, it is likely that high food prices are set to remain for the longer term.