Global food prices climb to highest since 2022
World food prices reached their highest level since late 2022 in September 2026, driven by logistics disruptions and weather concerns affecting crop markets. The United Nations' Food and Agriculture Organisation (FAO) reported that its Food Price Index averaged 136.0 points, up from a revised 134.0 in August. The increase was attributed to persistent disruptions in key trade routes like the Strait of Hormuz and the Black Sea, combined with climate shocks, according to FAO Chief Economist Maximo Torero.
The sugar price index surged 6.1% from August, marking its third consecutive monthly increase due to adverse weather threatening supply in major production zones. The cereal price benchmark rose 5.1% on the month, with reduced yield prospects for US corn and disruptions to Black Sea grain trade adding pressure. Vegetable oil prices edged up 0.9%, driven by palm oil demand and concerns over El Nino-related production risks in Southeast Asia.
In contrast, FAO's overall meat index eased 1.1%, reflecting lower poultry prices linked to a drop in European Union demand as new import rules took effect. Despite these fluctuations, FAO maintained its forecast for global cereal production in 2026 at 2.979 billion metric tons, slightly below the previous year's peak but still the second-largest harvest on record. However, the agency cut its forecast for world cereal trade in 2026/27 by 0.7% from last month, citing lower wheat and maize export expectations amid constrained Black Sea shipping.