World food prices continue to decline due to successful balancing of supply and demand.
Prices for wheat, corn and other food products began to decline. This is reported by ProAgro Group, citing Expert.
Over the summer, wheat prices fell about 40 percent and corn prices fell 25 percent. “That should help, the only question is how long it will last,” Tom Martin, senior portfolio manager at Globalt Investments, told the Associated Press.
Rising food and energy prices this year have led to the fastest inflation in four decades. Stable demand combined with tight supply has led to higher inflation. Russia’s invasion of Ukraine in February exacerbated the situation by blocking production and exports of wheat and other crops, as well as oil and natural gas.
Now prices continue to fall as supply and demand begin to balance amid the global economic downturn. The U.S. Department of Agriculture predicts higher wheat production this year.
