Global food prices have fallen
July 26, 2022
Global food prices spiked in the wake of Russia’s attack on Ukraine, but prices more recently have begun to drop. The United Nations’ FAO Food Price Index has fallen for three consecutive months. Where it goes from here remains to be seen. “The factors that drove global prices high in the first place are still at play, especially a strong global demand, adverse weather in some major countries, high production and transportation costs and supply chain disruptions due to Covid-19, compounded by the uncertainties stemming from the ongoing war in Ukraine,” said Máximo Torero Cullen, chief economist at the index.
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