Commodities
Global Food Prices Hit Three-Year High Amid Ongoing Conflicts and Climate Disruptions
Global food prices reached their highest level in three years in July, according to data from the Food and Agriculture Organization (FAO).
The FAO's Food Price Index rose to 131.1 points in July, up from June's reading of 130.3 points.
This marks the highest level since January 2023, with a 3.4% increase in the cereal price index compared to the previous month.
The price of wheat rose particularly sharply, by 5.8%, due to concerns about disruptions to exports from the Black Sea and damage caused by heat waves in key agricultural regions.