Global food prices are at their lowest level for almost six years according to the latest food price index compiled by the UN Food and Agriculture Organisation (FAO).
July 2015 figures show the index at a level last seen in September 2009 with the latest fall being driven by a dramatic downturn in dairy and vegetable oil prices, more than offsetting increases for sugar and cereals.
Meat prices remained “stable” in July, meanwhile, although only because an increase in international prices of bovine meat were strong enough to offset a decline for pigmeat and ovine meat.
FAO’s assessment of pig sector performance was that a “muted domestic demand” for pigmeat in some EU member states caused prices to fall, with export values following suit.
Overall, the index fell 1% between June and July, leaving prices across all foods a total of 19.4% below the average recorded in July 2014.