Global food prices have decreased for the fourth month in a row, according to the Food and Agriculture Organisation of the United Nations (FAO).

July’s FAO Price Index, which is based on the prices of a basket of internationally-traded food commodities, reflected a steep drop in the cost of maize, wheat and certain oilseeds to maintain the downward trend that has been in evidence since the spring.
The price of sugar remained constant, though, and the price of meat rose for the fifth consecutive month.

"The lingering decline of food prices since March reflects much better expectations over supplies in the current and forthcoming seasons, especially for cereals and oils, a situation that is expected to facilitate rebuilding of world stocks," said the FAO’s senior economist Concepción Calpe.

"Livestock product markets have their own dynamics, she continued. "In the case of meat, beef in particular, many exporting countries are in a herd rebuilding phase, which is limiting availability for exports and sustaining prices.As for dairy products, supplies available for trade appear to be abundant, which, along with a faltering import demand, has weighted on July’s quotations."