According to the Food and Agriculture Organization of the United Nations, the Monthly Food Price Index averaged 168.8 points in July. That’s down 6.5 points, or 3.7 percent, from June and 10.3 points from the corresponding period last year. The July decline marked the first significant month-to-month decrease since December 2017. Cereal grain prices dropped 3.6 percent from June, and vegetable oil prices dipped 4.2 percent. Meat prices were down 3.3 percent globally, while dairy prices fell 6.6 percent in July. Sugar prices fell six percent.