In July, the index fell by 8.6 percent to 140.9 points. Vegetable oils in particular saw a price drop of 19.2 percent, to the lowest level in ten months. Grains became 11.5 percent cheaper, mainly due to the fall in wheat prices (-14.5 percent). The agreement between Ukraine and Russia on grain exports would have played a role here. Compared to last year, grain is still a lot more expensive.

The FAO is relieved that prices are falling, but points out that there are still risks to global food supplies, such as a recession or high fertilizer prices. These could have an impact on agricultural production in the future.