Global food prices fell slightly as the ceasefire between the U.S. and Iran reduced concerns of new disruptions in supply chains.
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The Food and Agriculture Organization (FAO) announced the June data of the FAO Food Price Index, which tracks the monthly change in international food prices. According to the data, the food price index declined by 0.3 percent on a monthly basis in June, reaching 130.3 points. Compared to the same month last year, the index was 2.2 percent higher. The Cereal Price Index fell by 3.5 percent in June compared to the previous month but remained 2.9 percent higher on an annual basis. Global wheat prices decreased by 4.4 percent in June. This decrease was influenced by the rapid progress of the harvest in the Black Sea region and the strengthening of the supply outlook. Additionally, expectations of increased trade flow through the Strait of Hormuz supported the decline in prices. The Vegetable Oil Price Index increased by 3.8 percent on a monthly basis to 192 points. On an annual basis, the index showed an increase of 23.3 percent. Despite a decrease in soybean oil prices in June, the ...