Food Prices Soar to Three-Year High Amid Geopolitical Tensions

Global food prices have reached their highest level in three and a half years according to the Food and Agriculture Organization of the United Nations (FAO). In July, the FAO's price index for a basket of basic food products averaged 131.1 points, 0.6 percent higher than in June.

The increase is largely due to rising wheat and corn prices. Wheat prices jumped by as much as 5.8 percent on concerns about exports from the Black Sea region, while corn prices rose 3.6 percent due to hot and dry weather in key producing countries.

Barley prices fell 1.9 percent driven by favorable expectations for this year's crop in Australia and the Black Sea region. Rice prices remained stable at June levels.