The latest UN FAO World Food Price index (published on 8 July) declined again from the March 2022 all-time high: down 2.3% in June, following 0.3% and 0.8% declines in April and May, respectively, but up 23% yoy, and up 69% from the May 2020 trough.
This third consecutive month of small decreases suggests that the impact of what remain high crude oil prices and sporadic protectionism in food trade (eg China fertilisers, India wheat, and, albeit temporarily, Indonesia palm oil and Malaysia poultry) appears to be moderating and giving way to global recession fears.
High household spend on (and high imports of) food in #Bangladesh#Egypt#Jordan#Lebanon#Nigeria#Pakistan#Philippines
A lot more on food vulnerability, share of food in household consumption, net food trade exposure, and commodity exporter equity market valuation across all emerging markets in my full report on Tellimer, linked below:
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