The Strategist

World wheat prices drop eight percent after the grain deal

08/19/2022 - 03:51

At a news conference with Turkish President Recep Tayyip Erdoğan and Ukrainian President Volodymyr Zelenskyy, UN Secretary General António Guterres said that wheat prices worldwide dropped 8% as a result of a food agreement.

Shariot Sharif
Shariot Sharif
"There are indications that the world's food markets are starting to stabilize. Since the agreements were reached, wheat prices have decreased by as much as 8%," Guterres said.

He noted that July saw the largest decrease in food prices since 2008, a 9% decline in the FAO food price index.

The majority of food commodities are currently offered at cheaper costs than they were prior to the Russia’s invasion into Ukraine, as the secretary general noted.