Global Food Prices See Notable Decline in May

The United Nations' Food and Agriculture Organization (FAO) reported a decline in global food commodity prices in May, notably in cereals, sugar, and vegetable oil. The FAO Food Price Index showed a 0.8% decrease from April. Additionally, a record global cereal production of 2.911 billion tons is forecasted for 2025.

Global food commodity prices experienced a substantial drop in May, driven primarily by decreases in cereal, sugar, and vegetable oil prices, as reported by the United Nations' Food and Agriculture Organization (FAO) on Friday.

The FAO Food Price Index, which monitors the monthly fluctuations in a collection of globally traded food commodities, registered an average of 127.7 points in May. This represents a 0.8% decrease from the previous month of April.

Furthermore, in a separate analysis, the FAO predicts a record-breaking global cereal production of 2.911 billion tons by 2025, an increase from their last estimate of 2.848 billion tons.

(With inputs from agencies.)