The Food and Agricultural Organisation (FAO) Food Price Index for August remained relatively steady on July, although it remained below the same period last year.
The FAO food price index, which measures the monthly change in international prices for five basic food commodities, declined 8% year-on-year, to 213 points.
The meat price index during August increased 2% on July, but fell 5% year-on-year, to 170 points.
The rise on last month was underpinned by increases in all meat types, although the largest gains were attributed to higher feed costs for both pig and poultry sectors – directly reflecting the increase in grain prices.
The cereals price index stabilised after the significant gains recorded in July.
While remaining steady on last month, the price for August increased 3% year-on-year, to 260 points, with the higher price reflecting the deteriorating crop conditions in both the US and Russia.
However, the US received heavy rain towards the end of the month which helped ease the overall price for August.
All other categories finished August averaging well below the same period last year, with the sugar (297 points), oils (226 points) and dairy (176 points) price index falling 25%, 8% and 20% year-on-year, respectively.
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