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The Hunger Factory (I): The Miracle of the Sudden Rise and Fall of Food Prices

MADRID, Aug 11 2022 (IPS) - The benchmark for world food commodity prices declined “significantly” in July, with major cereal and vegetable oil prices recording double-digit percentage declines.

The data, released by the UN Food and Agriculture Organization (FAO) on 5 August, adds the FAO Food Price Index averaged 140.9 points in July, down 8.6% from June, “marking the fourth consecutive monthly decline since hitting all-time highs earlier in the year.”

This means that the global skyrocketing food prices have been steadily falling earlier than the 22 July Turkey-brokered agreement between Russia and Ukraine that allows both countries’ cereal exports.

Nevertheless, the business influence on politicians and the media, as well as on world organisations, including the United Nations, have untiringly continued blaming the war in Ukraine for the unprecedented high records of food prices, and also for heavily exacerbating the starvation of billions of people worldwide.