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FAO reports slight drop in global food prices in May
The Food and Agriculture Organization of the United Nations (FAO) announced that global food prices decreased by 0.2% in May compared to April, but they remain close to their highest levels in three years. FAO also estimated that worldwide grain production for the 2026/2027 season will be around 2.982 billion metric tons, a 2% decline year-on-year. The rise in food prices is attributed to the continued blockage of the Strait of Hormuz and the failure to reach a peace agreement between the United States and Iran, with warnings that this could lead to a severe food price crisis in the coming months.
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