Commodities
Global Food Prices Reach Highest Level Since November 2022 Amid Weather Concerns
Global food prices have reached their highest level since November 2022, according to the UN Food and Agriculture Organization (FAO). The FAO's Food Price Index averaged 136.0 points in September, up from 134.0 points in August.
The main drivers of this increase were higher sugar and cereal prices, while vegetable-oil prices also rose. However, meat prices declined during the month.
FAO Chief Economist Maximo Torero warned that disruptions to global trade and transport routes, combined with climate shocks, are putting pressure on energy, transport, and key food commodities.