Global food commodity prices rose in July to their highest level since January 2023, driven by higher cereal, sugar and vegetable oil prices, according to the UN Food and Agriculture Organization (FAO).
The FAO Food Price Index averaged 131.1 points, up 0.6 per cent from June and 1 per cent from a year earlier. Despite the increase, prices remained 18.2 per cent below their record high reached in March 2022.
The FAO Cereal Price Index rose 3.4 per cent month on month to 113.8 points, with wheat prices increasing 5.8 per cent.
The FAO attributed the rise to concerns over disruptions to Black Sea export flows, damage to export infrastructure and the impact of heatwaves on crops in several major producing regions.
Maize prices also rose 3.6 per cent, partly due to hot and dry conditions in parts of the U.S. Corn Belt and stronger energy prices amid heightened geopolitical tensions.
The Vegetable Oil Price Index increased 2 per cent to 195.7 points, its highest level since June 2022. Higher palm and soybean oil prices outweighed declines in sunflower and rapeseed oil.
Palm oil prices were supported by strong biodiesel demand in Indonesia and higher crude oil prices, while soybean oil benefited from robust feedstock demand and stronger global imports.
The Sugar Price Index climbed 5.6 per cent in July, although it remained 8 per cent below its level a year earlier. The increase was driven by concerns over hot and dry weather in Europe and production risks in major Asian producers.
Expectations of stronger ethanol demand in Brazil also supported sugar prices, as higher ethanol blending requirements could divert more sugarcane towards fuel production.
The rise in food prices was partly offset by lower meat and dairy costs.
The FAO Meat Price Index fell 2.8 per cent in July, marking its first monthly decline of the year, while remaining 0.8 per cent above its level a year earlier.
The Dairy Price Index declined 0.7 per cent, extending a downward trend that began in April. Lower prices for butter and milk powders outweighed an increase in cheese prices.
The FAO said geopolitical tensions and extreme weather continue to create upward pressure on some agricultural commodities, keeping supply risks in focus despite global food prices remaining well below their 2022 peak.
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