Global Food Prices Rise in July

Global food prices rose in July, reaching a more than two-year high, according to the Food and Agriculture Organization of the United Nations (FAO).

The FAO Food Price Index increased by 1.6% compared to June, reaching 130.1 points, the highest measurement since February 2023. However, it remains 18.8% below the peak level of March 2022.

The increase is mainly due to the rise in prices of meat and vegetable oils. Increased demand from Asia and supply restrictions due to epidemics affected meat prices. In vegetable oils, reduced exports from Ukraine and Russia, as well as harvest delays, led to price increases.

In contrast, cereal prices fell due to increased production in South America and Russia. Decreases were also recorded in dairy products due to high stocks and reduced demand, as well as in sugar due to increased production.