Global food prices hit low

Global food costs fell to the lowest level in two years in May, reviving hopes that sticky inflation on supermarket shelves will start to ease.

A United Nations’ index of food-commodity prices fell 2.6% in May, as declines in grains, vegetable oil and dairy offset higher sugar and meat costs.

The gauge of prices for internationally traded agricultural commodities has fallen 22% from the peak it reached in March last year following Russia’s invasion of Ukraine.

Wheat prices are trading near the lowest in more than two years as bumper supplies from Russia weigh on the market, and European crops are in good condition.

Still, declining commodities prices are taking time to feed through to consumers, with transportation, labor and energy costs remaining high.

Dell revenue sparks shares riseDell Technologies shares gained after the company reported revenue that beat analysts’ estimates and showed sales of computers to businesses didn’t fall as sharply as anticipated amid the slumping PC market.

Still, the results reflect a continued struggle to sell personal computers, particularly to consumers.

The market saw historic declines in shipments from October through March after a surge in purchases during the pandemic, analyst Gartner reported in April.

Dell competitor HP reported worse-than-expected sales earlier this week, although it projected a rebound for PCs in the second half of the year.

From wire reports