Food prices globally spiked to their highest level since late 2022.
\n\nThe food prices globally has spiked to their highest level since late 2022 in August due to the extreme weather, and geopolitical tensions. The continuous disruptions to the trade routes have heightened concerns over supplies of key agricultural commodities, as per the UN Food and Agriculture Organization (FAO).
\n\nThe FAO Food Price Index, tracks monthly changes in a basket of internationally traded food commodities. It was averaged 133.3 points in August, up from a revised 130.8 in July. FAO's cereal price index rose 2.2 per cent in August from the previous month, reaching its highest level since May 2024. The vegetable oil index increased 0.6 per cent to its highest since June 2022.
\n\nNotably, the reading was the highest since November 2022, though it remained nearly 17 per cent below the record reached in March 2022 following Russia's full-scale invasion of Ukraine, as reported by Reuters.
\n\nFAO chief economist Maximo Torero said, “August’s increase in global food prices is a warning that the risk premium is returning to food markets: climate shocks, geopolitical tensions and disrupted trade logistics are converging to tighten supply expectations.”
\n\nIn August, the prices of…
Original source: https://www.timesnownews.com/business-economy
