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Global food prices hit three-year high on heat and conflict

FAO data show the Food Price Index rose to 131.1 points in July, with wheat up 5.8% for the month.

Reported · Written up by our desk · Agriculture

Global food commodity prices have climbed to their highest level in about three years, as war-related disruptions and extreme heat push up crop costs, according to the UN Food and Agriculture Organization.

HousingWire reports the FAO Food Price Index, which tracks key food prices, rose in July to 131.1 points, up 0.7 points, with cereals, sugar and vegetable oils increasing while meat and dairy prices declined.

The FAO said wheat prices surged 5.8% in July, and were nearly 10% higher than a year earlier, as attacks in the Black Sea intensified following renewed military escalation between Russia and Ukraine.

Looking at other grains, international sorghum prices edged higher with maize in the United States, barley fell 1.9% on favorable crop prospects in Australia and the Black Sea region, and rice prices were broadly steady as some varieties rose while demand-driven declines offset increases.

Latest closeWheat $629.25 ▼2.0%|Sugar $15.58 ▲2.8%

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