Data from the United Nations Food and Agriculture Organization (FAO) showed that the monthly global food price index was almost unchanged in August, recording 130.1 points compared to 130.0 in July.
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On a yearly basis, the index rose 6.9% compared with August 2024, but it remains about 18.8% below its historic peak in March 2022, when global food prices soared to unprecedented levels due to the war in Ukraine and supply chain disruptions, according to CNN on Friday.
The cereals index stood at 105.6 points, down 0.8% from July, driven by lower wheat prices thanks to abundant supplies from the EU and Russia, along with weaker demand from Asia and North Africa.
Corn prices, however, moved in the opposite direction, rising for the third consecutive month amid concerns over heatwaves in Europe and stronger U.S. demand for feed and ethanol. Rice prices fell 2% due to intense competition among Asian exporters.
In a separate report, FAO projected that global grain production in 2025 will reach a record 2.961 billion tons, compared with 2.925 billion tons in previous estimates, potentially easing food markets if demand pressures persist.
The vegetable oils index rose to 169.1 points, its highest since July 2022, supported by palm oil price gains for the third straight month amid strong global demand and Indonesia’s plans to expand biofuel blending in 2026.
Shortages of sunflower seed in the Black Sea region and canola in Europe also pushed prices higher, while soybean oil declined on expectations of abundant supplies in the 2025/2026 season.
After five months of decline, the sugar index edged up to 103.6 points, fueled by concerns about lower output in Brazil due to weaker sugarcane yields, although forecasts of good harvests in India and Thailand limited further increases.
The meat index reached 128 points, up 0.6% month-on-month and 4.9% year-on-year, marking a new record high.
The dairy index fell 1.3% to 152.6 points, as butter, cheese, and whole milk powder prices dropped on the back of ample production in New Zealand and the EU and slower Asian demand. In contrast, skimmed milk powder rose 1.8% due to tighter exportable supplies from New Zealand and stronger demand from Southeast Asia.
Overall, the data indicates that global food prices have entered a phase of “relative stability.” However, risks persist beneath the surface, including volatile weather in Europe and the Americas, fierce competition in Asian markets, and the influence of biofuel policies on vegetable oil demand.
