Industry, Logistics & Shipping

Global food prices soar to new four-year high in August, says FAO

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Global food prices soar to new four-year high in August, says FAO

Global food prices rose in August to their highest level since late 2022, driven by adverse weather conditions and international shipping disruptions, the UN Food and Agriculture Organisation (FAO) said on Friday.

The FAO Food Price Index, which tracks monthly changes in the international prices of a basket of globally traded food commodities, averaged 133.3 points in August, up from a revised 130.8 points in July.

The prices had hit their highest level in more than three years in July, mainly driven by increases in cereal, sugar and vegetable oil prices amid concerns over global grain supplies and the impact of weather conditions on agricultural production.