FAO Reports Surge in July Global Food Prices
(MENAFN) Global food prices surged to their highest level in over two years in July, driven primarily by escalating international costs for vegetable oils and meat, the United Nations Food and Agriculture Organization (FAO) reported on Friday.
The FAO Food Price Index, which tracks monthly shifts in international prices across a range of food commodities, averaged 130.1 points last month. This represents a 1.6 percent increase from June and a 7.6 percent rise compared to the same period last year. Although this is the strongest reading since February 2023, it remains 18.8 percent below the all-time peak reached in March 2022.
Prices for vegetable oils saw a dramatic 7.1 percent jump month-on-month, reaching a three-year high as robust global demand boosted prices for palm, soy, and sunflower oils. The upward trend was further intensified by reduced export availability from the Black Sea region impacting sunflower oil prices, while rapeseed oil costs declined due to ample new crop supplies across Europe.
Meanwhile, the FAO Meat Price Index set a new record, climbing 1.2 percent from June. Elevated prices for bovine and ovine meats reflected tight supply conditions and strong demand, notably from China and the United States. Poultry meat prices experienced a slight increase, whereas pig meat prices dipped amid plentiful global supply.
Other key sub-indices showed declines in July. The FAO Cereal Price Index fell 0.8 percent as recent Northern Hemisphere harvests eased wheat and sorghum prices despite weather-related concerns in parts of North America. The All Rice Price Index dropped more sharply, impacted by subdued import demand.
Dairy prices decreased marginally by 0.1 percent, marking the first fall since April 2024, driven by lower butter and milk powder prices amid abundant supplies. The Sugar Price Index also edged down 0.2 percent, extending a five-month downward trend due to anticipated strong production in major growing regions.
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