July's decline represented the largest monthly drop in the index value since october 2008, led by significant declines in the vegetable oils and cereals indices, while those for sugar, dairy products and meat also declined, but to a lesser extent.

Cereals recorded an average of 147.3 points in july, after a 19.1 point drop since june, although it remained 21.0 points (16.6%) above its july 2021 value.

World wheat prices, which led the decline, fell 14.5% in july, partly in reaction to the agreement reached between Ukraine and the Russian Federation to unblock major Ukrainian Black Sea ports, signaling the imminent resumption of grain exports from Ukraine.

As for vegetable oils stood at an average of 171.1 points in july, down 40.7 points marking the lowest level in 10 months. The steep decline was due to falling world prices for palm, soybean, rapeseed and sunflower oils.

Dairy products averaged 146.4 points in july, down 3.8 points (2.5%) from june. International quotations for skimmed milk powder recorded the sharpest decline, followed by butter and whole milk powder.

Meat prices averaged 124.0 points in july, down 0.6 points (0.5%) from june, representing the first month-on-month decline after six consecutive months of increases.