Commodities
FAO Food-Commodity Index Hits Highest Level Since November 2022
The UN's FAO food-commodity index rose 1.5% in September to its highest since November 2022, driven by a 5.1% jump in grain prices and a 6.3% surge in world wheat prices.
Extreme weather linked to El Niño, trade disruptions, higher farm inputs, poor European harvests, renewed Black Sea tensions, and murky US-China agricultural trade are all contributing factors.
The FAO index remains below its March 2022 peak but is now 5.8% higher than a year ago.