Global Food Prices Climb as Shipping Snarls, Dry Weather Bites: UN
Cereals and sugar led the increase, while meat and dairy prices slipped.
TL;DR
- Global food prices rose in September according to the U.N. Food and Agriculture Organization (FAO).
- Factors contributing to the rise include transport disruptions in the Black Sea, uncertainty over shipping through the Strait of Hormuz, and adverse weather conditions.
- The FAO Food Price Index averaged 136 points in September, a 1.5 percent increase from August and 5.8 percent higher than the previous year.
- Geopolitical and weather-related risks are ongoing challenges for global agricultural markets.
- Attacks on infrastructure, including grain terminals in the Black Sea region, have intensified between Russia and Ukraine.