FAO: Global food prices hit three-year high
The Food and Agriculture Organization (FAO) has shown that global food prices reached their highest level in over three years in July, due to adverse weather conditions and increased tensions in the Gulf and the Black Sea, leading to a 3.4% monthly increase in cereal prices, especially wheat, which rose by 5.8%. Vegetable oil prices also increased by 2%, amid rising oil prices and demand for biodiesel. Sugar prices surged by 5.6% due to concerns about weather conditions in Europe and Asia. Conversely, meat prices decreased by 2.8%, and dairy prices fell by 0.7%. The rise in the food price index is attributed to these developments, although levels remain 18.2% below the peak in March 2022 following Russia's invasion of Ukraine.
Notice: This Is an AI-Generated Summary
Comments (0)