The FAO Food Price Index edged lower to 120.8 in July 2024 from an upwardly revised 121 in June, as a decrease in prices for cereals outweighed increases in cost for vegetable oil, meat products, and sugar. The cereal price index dropped 3.8% to reach the lowest level since September 2020 as global export prices of all major cereals decreased for a second consecutive month amid increasing seasonal availability from ongoing winter wheat harvests and generally favourable conditions in Canada and the US. On the other hand, cost of vegetable oils went up 2.4% due to higher quotations across palm, soy, sunflower and rapeseed oils. The meat index rose 1.2% to the highest since September 2022 and sugar prices edged up 0.7%, driven by lower-than-expected sugar production in Brazil which outweighed improved monsoon rainfall in India and conducive weather conditions in Thailand. Dairy prices were little changed as decreases in milk powders nearly offset increases in those of butter and cheese.