Global Food Price Index Fell Sharply by 8.6% Month-On-Month In July

The latest data released by the Food and Agriculture Organization of the United Nations shows that the food price index fell sharply by 8.6% month-on-month in July.

The first is the impact of sudden crisis events on market expectations. The global spread of the new crown pneumonia epidemic has led to logistics obstructions in some countries, and international food trade has also been blocked for a short time, making many countries unstable, and many countries are worried that the spread of the epidemic will affect their domestic food supply, resulting in a structural shortage of global food supply.

The outbreak of the Russian-Ukrainian conflict at the end of February 2022 also brought a new round of structural supply and demand contradictions to grain. Russia and Ukraine are the world’s leading wheat exporters, and the Conflict between Russia and Ukraine has interrupted wheat supply, making it impossible for many importers who rely on the Russian and Ukrainian markets to buy food.

In addition, the Fed’s unlimited quantitative easing monetary policy in March 2020, which continued until April this year, was the fundamental driver of a sharp rise in global food prices.

There is still uncertainty about the trend of grain prices in the second half of this year. Although the WTO reached the Ministerial Declaration on Emergency Response to Food Security issues and the Ministerial Decision on exempting the World Food Programme from export prohibitions or restrictions on grain purchases in June, Ukraine has also resumed food exports, which has a positive effect on promoting the expected stability of the global food market and the correction in food prices, this correction is a correction against the background of record high prices for global food prices, which are still at the highest level in history and the alarm for the global food crisis has not been lifted.

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