The Food and Agriculture Organization of the United Nations (FAO) announced that the global food price index fell to its lowest level in two years in May. According to FAO, the price index, which was 127.7 points in April, fell to 124.3 points in May. Accordingly, the world food price index, with 124.3 points, fell to its level in April 2021, about 2 years later. After Russia’s invasion of Ukraine, the price index had increased by 22 percent in March 2022 compared to April 2021.

The FAO Cereal Price Index averaged 129.7 points in May, down 6.5 points (4.8 percent) from April and 43.9 points (25.3 percent) below its record high a year ago. International wheat prices fell 3.5 percent from the previous month on expectations of ample global supplies in the coming 2023/24 season and the extension of the Black Sea Grain Initiative. World corn prices fell 9.8 percent in May. A positive outlook for 2023/24, which points to a recovery in global supplies with higher production expected in two major exporters, Brazil and the United States, weighed on prices. The slowdown in exports by the United States and the cancellation of purchases by China also put downward pressure on world corn prices. World prices of other coarse grains barley and sorghum also fell by 9.5 percent and 9.7 percent, respectively, on the back of lower international corn and wheat prices.