food prices

Food Prices Post Biggest Drop Since 2008

Dan Economy, This Land of Ours

Food prices continue to drop. That’s coming up on This Land of Ours.

food prices

Global food prices fell by the biggest amount since 2008 due to easing concerns over the supplies of grains and vegetable oils as Ukraine restarted its exports. The United Nations world food cost index dropped almost nine percent in July.

Bloomberg says the index is at its lowest level since January before Russia’s attack on Ukraine helped push the cost of food close to record levels. It’s the fourth-straight monthly drop in the U.N index, giving some relief to consumers struggling with a cost-of-living crisis covering everything from energy to transportation.

However, food prices are still high, and global hunger is getting worse. Wheat and corn prices eased last month after Russia and Ukraine reached a deal to reopen Ukraine’s ports. While there are still many challenges yet to solve, three more grain ships left the country’s ports on Friday. Corn harvests in Argentina and Brazil are also helping to ease prices.

The NAFB contributed this story.

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Food Prices Post Biggest Drop Since 2008

Sabrina Halvorson
National Correspondent / AgNet Media, Inc.

Sabrina Halvorson is an award-winning journalist, broadcaster, and public speaker who specializes in agriculture. She is a native of California’s agriculture-rich Central Valley.