Global food costs hit 2022 high
Global food prices rose in August to their highest levels since the end of 2022, with the food price index increasing by 1.9% compared to July. Geopolitical tensions, harsh weather conditions, poor crops in Europe, and the risks of a La Niña phenomenon have continued to exert pressure on the global market, with sugar prices jumping by 11.9% and wheat by 2.6%. Additionally, the FAO has lowered its forecast for worldwide grain production in 2026 to 2.98 billion tons, the lowest level since 2018.
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