(NAFB) – The U.N. Food and Agriculture Organization’s World Food Price Index averaged 122.3 points in June, down 1.7 points from May, continuing a downward trend.

The current level is 37 points or 23 percent below the peak in March 2022. The monthly decline reflected drops in sugar, vegetable oils, cereals, and dairy products, while the meat price index was virtually steady.

The Sugar Price Index took the biggest drop, averaging 152 points in June, down 5.1 points from May, the first drop after four consecutive increases.

The Cereal Price Index averaged 126.6 points in June, down almost three points from May and almost 40 percent below last year.

The Vegetable Oil Price Index averaged 115.8 points in June, three points lower than May and the lowest level since 2020.

The Dairy Price Index was 116 points in June, down one point, and the Meat Index was unchanged at 117.9 points in June.