Source: FAO
The Index was down by 25.3 points, averaging 200.8 points in August. This is lower both compared to the month before (-25.3 points or -11.2%) and year-on-year (-46.8 points or -18.9%).
The FAO cites increased export supply and weaker import demand as factors in the decline. Favourable production conditions in the EU and Oceania have contributed to the increased export supplies.
The food import ban on most Western countries from Russia which began early August has pushed prices lower. Weaker import demand of whole milk powder from China is said to have contributed to market uncertainty.
