LONDON - The United Nations world food price index eased slightly in July according to data released on Friday (Aug 2), with a decline in the index for cereals offset in part by increases for meat, vegetable oils and sugar.

The UN Food and Agriculture Organisation's price index, which tracks the most globally traded food commodities, averaged 120.8 points in July, down from 121.0 in June. The June reading was revised after initially being given as 120.6.

The FAO Cereals Price Index declined 3.8 per cent to its lowest level in nearly four years with global export prices for all major cereals falling for the second consecutive month.

Wheat prices fell on seasonal availability from ongoing winter wheat harvests in the northern hemisphere and favourable conditions for spring wheat crops in Canada and the US, the FAO said.

"Maize (corn) export prices also declined as harvests in Argentina and Brazil progressed ahead of last year's pace and crop conditions in the United States remained robust," the report added.

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