Global food prices hit a three-year high in July, the UN Food and Agriculture Organization (FAO) reported Friday, with wheat prices posting the sharpest gain — a 5.8% month-on-month surge. The broader cereal price index rose 3.4% from June, driven by adverse weather and ongoing conflicts in the Gulf and Black Sea regions.
The UN Food and Agriculture Organization (FAO) reported Friday that global food prices reached their highest level in three years during July, driven by damage to crops from extreme weather and the impact of ongoing conflicts in the Gulf and Black Sea regions. The FAO's cereal price index rose 3.4% month-on-month, with wheat prices jumping 5.8%, the organization said.
The report follows The Zioneer's initial coverage of the data at 11:07 Jerusalem time. The price surge underscores the strain on global food supply chains as the war in Ukraine continues to disrupt Black Sea grain exports, alongside Houthi attacks on Red Sea shipping that have raised insurance and transport costs. Weather-related damage to wheat harvests in key producing regions has also contributed to the spike.
The FAO data comes amid a broader period of elevated food inflation worldwide. As The Zioneer has previously reported, Iran is experiencing annual food price inflation of 134.6%, while U.S. inflation hit 4.2% in May, driven in part by energy costs. The global food price index now stands at its highest point since mid-2023.
2 developments
- DevelopingIran's annual inflation hits 88.6%, food prices surge 134.6% — official data shows
- StrongIranian opposition says basic goods prices surged 110-415% since last July
- DevelopingIran's inflation hits 87.9% in July, food prices double across all provinces
- DevelopingOil prices jump more than 8% as US-Iran conflict worsens
Source and signal
- Open-source intake