Global Food Prices Show Modest Decline in August

The United Nations world food price index saw a slight drop in August, settling at 120.7 points compared to a revised 121 points in July. Additionally, the global cereal production forecast for 2024 has been reduced by 2.8 million metric tons to 2.851 billion.

The United Nations has reported a modest decline in the world food price index for August, with the index falling to 120.7 points from a revised figure of 121 points for July.

In a related update, the organization's global cereal production forecast for 2024 has been revised downward by 2.8 million metric tons, now standing at 2.851 billion metric tons.

The slight easing in food prices may provide some relief in global markets, although the reduced cereal production projection could raise concerns about future food security.

(With inputs from agencies.)