Global food prices are starting to fall—with a few key exceptions

Food prices around the world fell for the second consecutive month in May, eased by a drop in vegetable oil prices, according to the United Nations Food and Agriculture Organization (FAO). The FAO’s global food price index dipped 0.6% in May from the month before. In April, the drop was 0.8%. The index measures the monthly change in average prices of meat, dairy, cereals, vegetable oils, and sugar.

But the index remains near its recent high set in March, as the Russia-Ukraine war continues to disrupt global trade. The index...