A gauge of global food prices fell for the fifth consecutive month in August, led by continued softening in wheat markets, but remained 7.9% above the level a year ago. The UN Food and Agriculture Organization’s food price index averaged 138 points last month, down 1.9% from July.
International wheat prices fell for the third month in a row, dropping 5.1% in August, due to better production prospects in North America and Russia and the resumption of exports from Ukraine’s Black Sea ports, FAO said. Global wheat prices were still 10.6% above their level a year earlier, FAO said.