Food Price Index Hits Highest Level Since 2023 Amid Wheat and Corn Price Hikes

The global food price index rose by 0.6% in July to reach 131.1 points, according to the Food and Agriculture Organization of the United Nations (FAO). This is the highest level since the beginning of 2023.

The main driver of growth was cereal crops, with a price increase of 3.4% to 113.8 points. Wheat saw the most significant price increase, rising by 5.8% over the month and almost 10% compared to the same period last year.

Experts attribute this dynamic to supply disruptions through the Black Sea, damage to export infrastructure, and prolonged heat in major producing countries. Corn prices also had an impact, increasing by 3.6% over the month.