Global food prices declined in July, but are still much higher than this time last year, the U.N.'s Food and Agriculture Organization said Friday.

After hitting an all-time high in the immediate aftermath of Russia's invasion of Ukraine in February, food prices have been slowly coming down since. In July, the FAO's food price index recorded its steepest drop since prices started falling, losing 8.6 percent compared to June, with the cost of vegetable oils, cereals, sugar, meat and dairy all falling.

Prices also dipped slightly after the announcement of a U.N.-led agreement to protect Ukraine's Black Sea grain exports late last month. The FAO said the Black Sea agreement has contributed to wheat prices dropping 14.5 percent, while prices for all cereals dropped 11.5 percent between June and July. However, cereals prices remain some 17 percent higher than they were this time last year, and wheat prices in particular are some 25 percent higher.