Global food prices fell for the first time in a year, potentially offering some relief for consumers and easing inflationary pressures, reports Bloomberg.
A United Nations gauge of food costs dropped 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.
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.