Global food prices dipped 0.6% in May for the second consecutive month after reaching a record high in March, the UN’s Food and Agriculture Organization said in a report June 3. The FAO’s food price index averaged 157.4 points in May, down 0.9 point from April. This modest drop was led by sluggish vegetable oil and dairy prices, but a surge in cereal and meat costs capped a sharper decline in the index. The index, which has tracked monthly changes in the international prices of a basket of food commodities since 1990, remained 22.8% higher on the year. “Export restrictions create market uncertainty and can result in price spikes and increased price volatility, the decrease in oilseeds prices shows how important it is when they are removed and let exports flow smoothly,” said FAO Chief Economist Maximo Torero Cullen in the report. Vegetable oil prices fall 3.5% The FAO […]