World
Global Prices of Sugar, Oils, Cereals, Dairy Drop in June 2023
By Adedapo Adesanya
The prices of food globally saw yet another drop in the month of June, according to the recent data released by the United Nations Food and Agriculture Organisation (FAO).
FAO Food Price Index (FFPI), which is used to index the commodity, averaged 122.3 points in June 2023, down 1.7 points (1.4 per cent) from May, continuing the downward trend and averaging as much as 37.4 points (23.4 per cent) below the peak it reached in March 2022.
The month-on-month decline in the index in June reflected drops in the indices for sugar, vegetable oils, cereals and dairy products, while the meat price index remained virtually unchanged.
The FAO Cereal Price Index averaged 126.6 points in June, down 2.7 points (2.1 per cent) from May and as much as 39.7 points (23.9 per cent) below its value a year ago. The month-on-month decline reflects a fall in the world prices of all major cereals.
FAO said international coarse grain prices fell the most, down 3.4 per cent since May. A fifth consecutive monthly decline in international maize prices was mostly driven by increased seasonal supplies from ongoing harvests in Argentina and Brazil.
Amidst concerns over drought conditions, some rain at the end of the month in key maize-producing areas of the United States of America also lessened the pressure on maize markets.
Among other coarse grains, world prices of barley and sorghum also declined, influenced by spillover effects from maize and wheat markets.
International wheat prices declined by 1.3 per cent in June as harvests in Northern Hemisphere countries started. Ample supplies in the Russian Federation, where also the wheat export tax decreased in the month of June, continued to weigh on prices, while improved crop conditions in the United States of America also contributed to the downward pressure on prices. International rice prices declined by 1.2 per cent in June amid subdued demand for non-Indica rice and efforts to attract export sales in Pakistan.
The FAO Vegetable Oil Price Index averaged 115.8 points in June, down 2.9 points (2.4 per cent) from May and marking the lowest level since November 2020.
The continued decline of the index was driven by lower world prices of palm and sunflower oils, more than offsetting higher soy and rapeseed oil quotations. International palm oil prices dropped for the second consecutive month in June, mainly reflecting prospects of seasonally higher outputs from leading producing countries that coincided with lingering subdued global import demand.
Meanwhile, world prices of sunflower oil also continued to fall amid ample global exportable supplies. By contrast, international soy oil prices rebounded from the previous month, largely underpinned by concerns over excessive dryness in pockets of major growing regions in the United States of America. Similarly, world rapeseed oil prices recovered moderately on unfavourable weather conditions in parts of Canada and Europe.
The FAO Dairy Price Index averaged 116.8 points in June, down 1.0 points (0.8 per cent) from May and 33.4 points (22.2 per cent) below its corresponding value a year ago.
The continued decline in June was again led by lower international cheese prices, reflecting ample export availabilities, especially in Western Europe, where milk production tracked seasonally higher, while retail sales were somewhat subdued.
Meanwhile, whole milk powder prices fell slightly on lower import purchases by North Asian buyers and increased supplies, especially from New Zealand.
By contrast, world butter prices rose, driven by active demand for spot supplies, mainly from the Middle East, and increased internal retail sales in Western Europe.
Skim milk prices increased slightly on higher import purchases to meet short-term needs amid concerns over supplies in the months ahead during the seasonally declining production phase in Western Europe.
The FAO Meat Price Index averaged 117.9 points in June, virtually unchanged from May, as increases in international quotations for poultry and pig meats were nearly offset by declines in those for bovine and ovine meats.
However, compared to its value in June of last year, the index was down 8.1 points (6.4 per cent).
International poultry meat prices increased further, reflecting high import demand from East Asia, especially for supplies from Brazil, amidst the continued supply challenges stemming from widespread avian influenza outbreaks.
Meanwhile, pig meat prices increased, underpinned by lingering tight supplies in leading producing regions, especially the European Union. By contrast, international bovine meat prices fell slightly due to increased exportable availabilities, especially in Australia. Similarly, ovine meat prices also fell on high supplies from Oceania.
The FAO Sugar Price Index averaged 152.2 points in June, down 5.1 points (3.2 per cent) from May, marking the first decline after four consecutive monthly increases.
International sugar quotations remained, however, 34.9 points (29.7 per cent) above their levels in the same month last year. The June decline in international sugar prices was mainly triggered by the good progress of the 2023/24 sugarcane harvest in Brazil and a sluggish global import demand, particularly from China, the world’s second-largest importer of sugar.
However, concerns over the potential impact of the El Niño phenomenon on the 2023/24 sugarcane crops, along with the strengthening of the Brazilian Real against the United States Dollar, limited the declines in world sugar prices.
By Kestér Kenn Klomegâh
For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”
The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.
The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.
Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.
The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.
The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.
The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.
Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.
On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.
One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.
The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”
By Adedapo Adesanya
The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.
The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.
Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.
Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.
He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.
His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.
Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.
“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.
Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.
It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.
Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.
By Aduragbemi Omiyale
A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.
The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.
It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.
The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.
Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.
Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.
The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”
Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.
“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.
“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”
The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.
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