Global food prices declined in May, mainly due to lower prices for maize and palm oil. Bumper harvests in Brazil and Argentina, as well as record expectations for the U.S. corn crop, have put pressure on grain prices. Vegetable oil prices fell 3.7% in May, mainly due to a seasonal increase in supply in Southeast Asia. Sugar prices fell for the third consecutive month, reflecting weaker global demand. Meat and dairy prices rose, with record levels for beef and butter due to strong demand and limited stocks. Rice prices have increased, driven by a strong demand for fragrant varieties and a rise in Indica prices. Chicken prices have declined after import bans related to bird flu in Brazil.
Source: UN
