Food commodity prices slim down over the summer

By DAMIAN J. TROISE
AP Business Writer

The price of wheat, corn and other commodities that make up the basis for much of the world’s food supply fell sharply over the summer. It’s a welcome signal for consumers dealing with bigger grocery bills and investors hoping to see inflation loosen its grip on the broader economy. Wheat prices are down roughly 40% and corn prices have slid about 25% since the spring. Prices are on the decline as supply and demand starts to balance out with slower economic growth. Ukraine and Russia have reached a deal on grain exports, despite the ongoing conflict, helping to further ease global supply shortages.