Commodities
Global Food Prices Hit Highest Level Since November 2022
The global food price index has risen for the third consecutive month, reaching its highest level since November 2022. According to the Food and Agriculture Organization (FAO), the September index stood at 136.0, up 1.5% from August's revised index of 134.0.
Maximo Torero, Chief Economist at the FAO, attributed the increase in food prices to logistical disruptions caused by ongoing wars in Ukraine and Iran, combined with weather factors such as heatwaves, droughts, and El Niño.
The cereal price index rose 5.1% from August, while the sugar price index increased 6.1% from August and 14.7% from September of last year. Global wheat prices also rose 6.3%, reaching their highest level since August 2023.