The United Nations food agency's world price index fell for a fifth month in a row in August, further coming down from all-time highs it hit earlier this year.

The Food and Agriculture Organization (FAO) said on Friday that its price index, which tracks the most globally-traded food commodities, averaged 138.0 points last month versus a revised 140.7 for July.

Global food prices saw a significant leap in March due to the conflict in Ukraine. The monthly world food price index surged 12.6 percent in March from February to an average of 159.3 points, its highest level since its inception in 1990.

The August reading was 7.9 percent higher than a year earlier.

FAO's cereal price index fell 1.4 percent month-on-month in August, with the re-opening of Ukrainian Black Sea ports under a diplomatic deal as well as favorable wheat harvest prospects in North America and Russia weighing on prices, the UN agency said.

The vegetable oil, sugar, dairy and meat price indices all fell, partly reflecting improved supplies.

In separate cereal supply and demand estimates, FAO lowered its forecast for global cereal production in 2022 to 2.774 billion tonnes from a previous projection of 2.792 billion in early July.

(Source: Reuters with edits)