Key facts
- World food commodity prices reached a three-year high in July.
- The FAO Food Price Index averaged 131.1 points in July.
- Food prices increased by 0.6% from June to July.
- Food prices were 1.0% higher year-on-year in July.
- Increases in cereals, sugar, and vegetable oils drove the price rise.
- Meat and dairy prices declined, partially offsetting other increases.
- Escalating conflict in the Black Sea is disrupting grain and oil shipments.
- Attacks target ships, ports, and export terminals in the Black Sea.
- Ukraine's grain exports have been cut by roughly one-third.
- Shipping costs have doubled due to Black Sea disruptions.
World food commodity prices, as tracked by the FAO Food Price Index, reached a three-year high in July, averaging 131.1 points. This figure represents a 0.6% increase from June and a 1.0% rise compared to the same period last year. The upward trend was largely driven by significant increases in the prices of cereals, sugar, and vegetable oils. These gains were partially offset by declines observed in the prices of meat and dairy products.