Published 08 Jul,2021 via Bloomberg Markets - Global food prices retreated for the first time in a year, potentially offering some relief for consumers and easing inflationary pressures.
A United Nations gauge of food costs fell 2.5% in June, easing from a nine-year high and marking the first decline since May 2020. Prices of vegetable oils and cereals declined during the month, offsetting gains in meat and sugar.
Prices of grains to meat to vegetable oils -- ingredients that feed through to countless items in grocery stores -- rallied this year on big Chinese imports, the reopening of economies and weather risks to crops. Last month’s decline could reduce inflation risks, both for central banks facing pressure to tighten stimulus measures as well as poorer nations that are highly dependent on imports to feed their populations.
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Megan Durisin