The FAO Food Price Index* (FFPI) averaged 140.9 points in July 2022, down 13.3 points (8.6 percent) from June, marking the fourth consecutive monthly decline. Nevertheless, it remained 16.4 points (13.1 percent) above its value in the corresponding month last year. The July decline was the steepest monthly fall in the value of the index since October 2008, led by significant drops in vegetable oil and cereal indices, while those of sugar, dairy and meat also fell but to a lesser extent.
While food price inflation and food insecurity remain major problems for countries around the world (e.g., Sri Lanka, Panama, Peru), here we have one metric suggesting that global food price inflation, while still high and still a problem, may have peaked.
I'm curious. Is some of that demand destruction, like it is with fuel? I've noticed at our local grocery store that a lot more stuff is going clearance because nobody is buying it, and I live in a pretty high income retirement area.
I'm curious. Is some of that demand destruction, like it is with fuel? I've noticed at our local grocery store that a lot more stuff is going clearance because nobody is buying it, and I live in a pretty high income retirement area.