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Global food prices hit three-year high
Global food prices rose in July to their highest level in over three years, due to bad weather conditions and escalating conflicts in the Gulf and Black Sea regions, according to the Food and Agriculture Organization (FAO). The Food Price Index reached 131.1 points, up from 130.3 in June, driven by a 3.4% increase in grain prices, especially wheat, which rose by 5.8%, amid risks of disruptions in Black Sea exports and the impact of wildfires on crops. Vegetable oil prices also increased by 2% due to higher oil prices and growing demand for biofuels. Meanwhile, sugar prices jumped by 5.6% owing to weather conditions and forecasts of increased ethanol demand. On the other hand, meat prices fell by 2.8%, and dairy product prices decreased by 0.7%. Overall, the index exceeded its highest level in three years, although it remains 18.2% below its peak in March 2022 following the Russian invasion of Ukraine.
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