The rebound in the index in july was due to a firm rise in the price index for vegetable oils, which was partly offset by a significant decline in the for sugar, along with a small decline in the price indices for cereals, dairy products and meat.

Cereals showed a decline of 0.5% the slight decrease this month stems from the fall in international coarse grains prices, which were down 4.8% from june.

In contrast, international wheat prices rose by 1.6%, which was their first month-on-month increase in nine months, mainly due to uncertainty surrounding Ukraine's exports following the Russian Federation's price index decision to end the implementation of the Black Sea Grain Export Initiative.

FAO vegetable oils averaged 12.1% higher in july than in june, the first increase after seven consecutive months of declines. This steep increase in july was due to higher world quotations for sunflower, palm, soybean and rapeseed oils.

Dairy recorded a decrease in july of 0.4%, which was due to lower quotations for skimmed milk powder and butter as a result of lower activity in Europe's markets during the summer vacations, as well as low interest in import demand in the coming months, due to uncertainty in the markets regarding the future direction of prices.

Translated by: A.M