Global food prices fell for the fifth consecutive month this August.

However, compared to last year, they are 7.9% higher, the Food and Agriculture Organization of the United Nations declared.

Global food prices have fallen sharply.

In the monthly report published by the Food and Agriculture Organization of the United Nations, the decrease was recorded for the fifth consecutive month in August.

Compared to July, the price reduction of basic products was 1.9%. Thus, wheat fell by 1.4%, influenced by production in the US and the opening of ports in Ukraine.

Oil was down 3.3% on lower export taxes, while sugar was quoted cheaper, mainly on higher exports to India and lower ethanol prices in Brazil.

Meat also recorded a 1.5% decline from July, due to the availability of global exports, and low demand in some exporting countries.

Despite the downward trend, global food prices are 7.9% more expensive than last year, while FAO expects cereal production to decline further.