Global food prices hit over three-year high
Global food prices in July reached their highest level in over three years, driven by rising prices of grains, sugar, and vegetable oils. Agricultural supplies were impacted by climate fluctuations and disruptions in exports from the Black Sea region, following damage caused by heatwaves. The FAO Food Price Index increased by 0.6% compared to June, reaching 131.1 points, with grain prices up by 3.4%, and maize, olive oil, and soybean oil prices rising by around 2%. Meanwhile, sugar prices saw a significant increase of 5.6%. In contrast, meat prices declined by 2.8%, and dairy products decreased by 0.7%, reflecting the effects of weather conditions and market changes on global food prices.
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