World food prices, which soared sharply due to the outbreak of the war in Ukraine caused by the Russian invasion, have fallen by the biggest drop in about 24 years.
The two countries have reached an agreement to resume grain exports through Black Sea ports, largely due to a decrease in import demand for many items.
According to the Ministry of Agriculture, Food and Rural Affairs (FAO), the World Food Price Index in July this year fell 8.6% from the previous month to 140.9 points.
FAO has been monitoring international price trends for 24 items since 1996, and compiled and published monthly food price indexes for each of the five item groups: grains, oils and fats, meat, dairy products, and sugar.
The index soared to an all-time high of 159.7 in March, right after the outbreak of the Russian-Ukraine war, and then declined slightly for three consecutive months until June.
In July, the price index of all five product groups fell, recording the largest monthly decline since October 2008.
By item, the grain price index fell 11.5% from the previous month, and the oil and fat index fell 19.2%.
The meat index fell 0.5% from the previous month. In the case of beef, the price fell due to the increased export capacity of major producing countries, but the price of poultry meat increased significantly due to strong import demand and the impact of the outbreak of avian influenza in the northern hemisphere.