Global food prices climbed again in May, marking the third straight month of increases, according to the Food and Agriculture Organization (FAO). Despite falling sugar and vegetable oil prices, the rise was driven by more expensive cereals and dairy. Lower international crude oil prices also exerted downward pressure on sugar prices, by lowering demand. The vegetable oil price index declined by 2.4% from April. For a more detailed analysis of global cereal markets, see the forthcoming issue of Food Outlook, which will be released on 13 June 2024.
