88 Days
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Global food prices reach three-year high
Global food prices rose in July to their highest levels in over three years, due to adverse weather conditions and escalating wars in the Gulf and the Black Sea, according to the Food and Agriculture Organization (FAO). The monthly price index reached 131.1 points, with a notable increase in cereal prices by 3.4%, especially wheat, which rose by 5.8%, driven by supply disruptions and heatwaves. Vegetable oil prices also climbed by 2%, supported by higher prices for palm oil and soybean oil. Meanwhile, sugar prices increased by 5.6% due to weather conditions in Europe and Asia. In contrast, meat prices fell by 2.8%, and dairy prices decreased by 0.7%. These increases are part of a global food inflation wave, coinciding with the wars in Iran and Ukraine, as well as the El Niño phenomenon that has adversely affected agricultural production.
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