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FAO: July food prices rise amid climate and geopolitical issues
The Food and Agriculture Organization (FAO) Food Price Index saw an increase in July, rising by 0.6% month-on-month and 1% compared to the same period last year, due to heatwaves, soaring energy prices, and geopolitical tensions. Prices for sugar (+5.6%), cereals (+3.4%), and vegetable oils (+2%) went up, while meat and dairy product prices decreased. Wheat prices were significantly affected by heatwaves, drought, and the El Niño phenomenon, with a 5.8% rise in July and a 9.9% increase year-over-year, while rice prices remained stable. Vegetable oil prices reached their highest levels since June 2022, whereas meat prices fell by 2.8% for the first time this year, with lamb prices reaching record highs.
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