Global food prices surge in August to hit highest level since 2022
QNARome Global food prices rose in August to their highest level since late 2022, driven by adverse weather conditions and disruptions linked to conflicts in the Middle East and th...
In August 2023, global food prices surged to their highest level in over a year, according to the UN Food and Agriculture Organization (FAO). The increase was attributed to adverse weather conditions, conflicts in the Middle East and Black Sea region, and disruptions to agricultural supply chains. The FAO's Food Price Index averaged 133.3 points in August, up from 130.8 points in July.
This marked the highest level since November 2022, though it was still 17% below the record high reached in March 2022, following the onset of the Russia-Ukraine conflict.
The FAO Cereal Price Index rose 2.2% to 116.3 points, its highest since May 2024. The surge in cereal prices was driven by strong demand, unfavorable weather, and uncertainties over export flows through the Black Sea. Global wheat prices climbed 2.6% and 15% year-on-year, while corn prices increased by 2.5%, driven by concerns over production in the US and EU, as well as trade disruptions from the Black Sea. Sorghum prices rose 3.9%, and barley prices increased by 2.6%.
Other food prices also climbed, with the FAO Rice Price Index up 0.5%. All food price indices for cereals, vegetable oils, sugar, meat, and dairy products increased in August, raising concerns about food supply and affordability.
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