The FAO Food Price Index (FFPI) for August recorded the fifth monthly fall in a row to 138 points, 2.7 points lower than July, but 10.1 points higher than it was in August 2021. The index peaked at a record 159.7 points in March this year, with consecutive monthly falls since then.

All of the main agri-food categories recorded a fall in August. The cereal price index was down two points to 145.2 compared with July, reflecting improved production prospects and resumption of limited exports from Ukraine.

The dairy price index was down three points in August to 143.5, the second fall in a row, but is still 27.3 points ahead of where it was in August 2021. This was due to weaker demand for spot supplies as the leading importers have stocks to cover their immediate requirements, according to the FAO report. The meat price index was down 1.8 points, with increased beef supplies available for export due to weak domestic markets in the main exporting countries