Global food prices rose to their highest level in three years in July, with the UN Food and Agriculture Organization (FAO) attributing the increase to weather conditions, geopolitical conflicts and higher commodity costs.
The FAO Food Price Index, which tracks monthly changes in international prices of major food commodities, climbed to 131.1 points in July, up from 130.3 in June. This was the highest level recorded since January 2023.
According to the FAO, wheat prices increased by 5.8%, contributing to a 3.4% overall rise in cereal prices. Disruptions to wheat exports through the Black Sea and higher temperatures in major producing regions affected crop prospects.
Vegetable oil prices also rose by 2%, reaching their highest level since June 2022. The increase was linked to geopolitical tensions and stronger demand for biodiesel.
Sugar prices climbed 5.6% amid weather-related concerns in Europe and Asia, while meat prices declined by 2.8%.
The FAO’s chief economist warned that the world is once again facing food inflation pressures, with conflicts and changing weather patterns posing risks to agricultural production and global food supplies.
