Commodities
Global Food Prices Hit Near Four-Year High Amid Logistics Disruptions
Global food prices have reached their highest level in nearly four years, according to the UN's Food and Agriculture Organization (FAO). The FAO Food Price Index averaged 136.0 points in September, up from a revised 134.0 for August.
The index has been rising due to logistics disruptions and weather concerns affecting crop markets. Fears about a severe El Nino weather pattern have pushed international sugar prices to an 18-month high.
The FAO's cereal price benchmark rose 5.1% in the month, with reduced yield prospects for US corn adding to pressure from disruptions to Black Sea grain trade.