World Food Prices Post Biggest Decline Since 2008 in July
- Drop offers some relief amid deepening cost-of-living crisis
- Ukraine restarted some grain shipments after deal with Russia
Wheat harvest in the Ternopil region of Ukraine on Aug. 4.
Photographer: Alexey Furman/Getty Images
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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% in July. The index fell to the lowest since January, before Russia’s blockade of ports in Ukraine -- a major food exporter -- pushed up food costs to a record.