World food prices at 2-year high, says FAO

WORLD FOOD COMMODITY prices rose in July to their highest in over two years, as a jump for vegetable oils and record levels for meat outweighed falling cereal, dairy and sugar prices, the UN's Food and Agriculture Organization said.

- REUTERS

The FAO Food Price Index, which serves as a global benchmark for food commodity prices, averaged 130.1 points in July, a 1.6% increase from June, FAO said.

That was the highest reading since February 2023, though the index was 18.8% below its peak of March 2022, which followed Russia's full-scale invasion of Ukraine.