Food Prices Dip in May, Cereal Output Set to Decline, UN Agency Says

Ears of wheat are seen in a field near the village of Hrebeni in Kyiv region, Ukraine, on July 17, 2020. Valentyn Ogirenko/Reuters

ROME—World food prices dipped in May for a second consecutive month after hitting a record high in March, although the cost of cereals and meat both rose, the United Nations’ food agency said on Friday.

The Food and Agriculture Organization’s (FAO) food price index, which tracks the most globally traded food commodities, averaged 157.4 points last month versus 158.3 for April.