The benchmark index of international food commodity prices declined in May amid significant drops in quotations for most cereals, vegetable oils and dairy products, the Food and Agriculture Organization of the United Nations (FAO) reported.

The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 124.3 points in May, down 2.6 percent from April and as much as 22.1 percent below the all-time high reached in March 2022.

The FAO Cereal Price Index declined 4.8 percent from the previous month, led by a 9.8 percent drop in world maize quotations due to a favourable production outlook along a sluggish import demand.

The FAO Vegetable Oil Price Index dropped by 8.7 percent in May, averaging 48.2 percent below its year-earlier level.

The FAO Dairy Price Index declined by 3.2 percent from April, led by a steep drop in international cheese prices.

The FAO Sugar Price Index posted its fourth consecutive monthly increase, up by 5.5 percent from April and reaching a level nearly 31 percent higher than a year earlier.

The FAO Meat Price Index also rose in May, increasing by 1.0 percent.