World food prices see biggest decline since 2008 in July, down 9%

Global food prices fell the most since 2008 after concerns over supplies of grains and vegetable oils eased as Ukraine moved toward restarting exports.

A United Nations index of world food costs plunged almost 9 per cent in July. 

The index fell to the lowest since January, before Russia’s blockade of ports in Ukraine.  The index fell for a fourth month, offering some relief to consumers facing a deepening cost-of-living crisis. 

Still, prices remain elevated, putting pressure on low-income households

“Increased seasonal availabilities in Argentina and Brazil, where maize harvests progressed ahead of their pace last year, also helped to ease