price of these items. greetings, j thank you for having me. as you mentioned, the food prices index, the climb compared to it, the decline was modest, around 2% but what is important is that the decline which we observed last march in march 2022 was over 22%. so what is behind it? let s remember that the food price index includes quotations of bulk commodities so on this international level bulk commodities, the markets depending on the specific commodity, remain relatively balanced supply and they are often quite stable. we have noticed a decline in the cereal prices when the maize and wheat prices when the maize and wheat prices decline while on the other hand rice prices increase. so it means the supply generally is quite steady while the demand remains steady. i would like to mention the case of sugar which has been, unlike other commodities, increasing recently. this is because of relatively tight conditions on the global markets and concerns about la nina on production.
have hit a two-year low in prices have hit a two year low in may, according to the latest data from the un food and agricultural organisation whose food price index dropped by 2.6% between april and may. they said there were significant drops in the prices of vegetable oils, cereals and dairy, but of course at the same time retail food but of course at the same time retailfood price inflation has been at historic highs. in the uk for example food inflation hit nearly 20% in recent months, twice the rate of general inflation. and of course that situation has been difficult elsewhere in the world, too. why the disconnect? to explore this because i m joined by monica tulpova, an economist at the un s food and agriculture organization. thank you forjoining us. talk to us about what is driving the decline in food commodity prices, the wholesale price of these items. price of these items. greetings, thank ou price of these items. greetings, thank you for price of these items. greetings, t