Commodities
FAO Food Price Index Edges Higher Amid Global Supply Concerns
The FAO Food Price Index (FPI) rose by 0.7 points in July, reaching 131.1 points as global food commodity prices continued their upward trend.
The increase was largely driven by higher prices for cereals, sugar, and vegetable oils, which more than offset declines in meat and dairy product prices.
Cereal prices surged 3.8 points, with wheat prices rising 6% due to concerns over disruptions to Black Sea export flows and damage to infrastructure caused by the ongoing conflict between Russia and Ukraine.
The Vegetable Oil Price Index also reached its highest level since June 2022, driven by higher palm and soy oil prices.