Food crisis, high prices and supply shortages/ FAO: Food prices at highest level since 2022
World food prices rose in August to their highest level since late 2022. Adverse weather and disruptions from the Black Sea war heightened concerns over the supply of basic products, the United Nations Food and Agriculture Organization said on Friday.
Extreme heat and drought in Europe and trade turmoil caused by the wars in Ukraine and Iran have rattled agricultural markets, pushing grain prices to three-year highs and sugar to their highest levels this year.
The FAO Food Price Index, which tracks monthly changes in a basket of internationally traded food commodities, averaged 133.3 points in August, compared with 130.8 points recorded at the end of July. This is the highest result since November 2022, but is 17% below the record set in March 2022, immediately after the Russian invasion of Ukraine.
"The rise in global food prices in August is a warning that the risk premium is returning to food markets: climate shocks, geopolitical tensions and disrupted trade logistics are converging to tighten supplies," FAO Chief Economist Maximo Torero said in a statement.
FAO reference prices for cereals, vegetable oils, sugar, meat and dairy products all increased in August.
Extreme weather in Europe affected the prospects for corn and sugar beet harvests, as well as livestock production, while the predicted El Niño phenomenon raised concerns about palm oil and sugar production in Asia, he said.
In a separate report, the agency lowered its forecast for global cereal production for 2026 by 3.4 million tonnes, the biggest annual decline since 2018.
Increasing attacks in the Black Sea have restricted grain shipments from Russia and Ukraine, while the US-Iran conflict was hindering the flow of fertilizers for crops.
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