PARIS, Sept 8 Reuters The United Nations food agency39;s world price index fell in August to a new twoyear low, reversing a rebound seen the previous month, as a decline in most food commodities offset increases for rice and sugar.

The Food and Agriculture Organization39;s FAO price index, which tracks the most globally traded food commodities, averaged 121.4 points in August against a revised 124.0 for the previous month, the agency said on Friday.

The July reading was initially given as 123.9 in a rebound from a twoyear low in June.

The August figure was the lowest since March 2021 and also 24 below an alltime high reached in March 2022 in the wake of Russia39;s invasion of Ukraine.

The drop in the overall index reflected declines for dairy products, vegetable oils, meat and cereals, despite a jump in FAO39;s rice benchmark to a 15year high following Indian export restrictions, the agency said.

FAO39;s cereal index edged down 0.7 from July as wheat prices fell in the face of northern hemisphere harvests while maize corn fell for a seventh straight month to a near threeyear low, pressured by a record Brazilian crop and the approaching U.S. harvest, it said.

In contrast, the agency39;s rice index surged by almost 10 monthonmonth as India39;s decision in July to ban Indica white rice exports disrupted trade at a time of tight availabilities ahead of newcrop harvests, FAO said.

FAO39;s sugar index rose 1.3 monthonmonth in August, putting it 34 above the yearearlier…