Global food prices finally drop – but what does this mean for you?

Global food prices fell for the first time in a year, potentially offering some relief for consumers and easing inflationary pressures

A United Nations gauge of food costs dropped 2.5 percent in June, easing from a nine-year high.

Costs of grains to meat to vegetable oils as well as ingredients that feed through to countless grocery items rallied this year on big Chinese imports, the reopening of economies, and weather risks to crops.

Last month’s decline could reduce inflation risks, both for central banks facing pressure to tighten stimulus measures as well as poorer nations that are highly dependent on imports to feed their populations.

There may be more relief in store for consumers in the medium to long term with the UN expects global grain stockpiles to rise 2.4 percent.