Global food prices hit three-year high in July
The United Nations Food and Agriculture Organization (FAO) announced that global food prices rose in July to their highest level in over three years, driven by adverse weather conditions and escalating conflicts in the Gulf of Khamb and the Black Sea. The FAO Food Price Index reached 131.1 points, up from 130.3 in June, with a significant increase in wheat prices of 5.8% due to fears of export disruptions and heatwaves. Additionally, vegetable oil prices increased by 2%. Conversely, meat prices declined by 2.8%, and dairy prices fell by 0.7%.
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