Saudi tourism fund, Wafi sign MoU to support real estate projects

Saudi tourism fund, Wafi sign MoU to support real estate projects

RIYADH: The global food commodity prices witnessed a 2.1 percent decline in August, with the index standing at 121.4 points compared to July. This downturn, as outlined in the latest report from the Food and Agriculture Organization of the UN, also known as FAO, was primarily driven by falling prices of essential food items, excluding rice and sugar. 

The FAO Food Price Index, which monitors fluctuations in worldwide prices of internationally traded food products, recorded a significant 24 percent drop from its peak in March 2022. 

The decrease was observed across price indices for dairy products, vegetable oils, meat, and cereals, while the sugar price index saw moderate growth. 

In August, the FAO Vegetable Oil Price Index experienced a 3.1 percent drop, or 125.8 points, primarily due to reduced global prices for palm, sunflower, soy, and rapeseed oils. 

Global sunflower oil prices plummeted by nearly 8 percent, driven by reduced demand for imports and ample supply from major exporting nations. Similarly, soy and rapeseed oil prices fell due to improved soybean harvest conditions in the US and abundant global supply, respectively. 

The Dairy Price Index decreased by 4 percent compared to July, attributed to a surplus of whole milk powder from Oceania and a slowdown in imports by China. Skim