Global food prices hit nearly four-year high as wars, weather disrupt trade

Global food prices hit a four-year high in September, according to the United Nations Food and Agriculture Organization (FAO). The FAO Food Price Index averaged 136.0 points, marking the highest level since November 2022. This rise was driven by disruptions in shipping routes through the Strait of Hormuz and the Black Sea, as well as concerns over climate shocks.

Cereal, sugar, and vegetable oil prices all increased in September, while meat and dairy quotations declined. The FAO Chief Economist, Maximo Torero, warned that sustained pressure on energy, transport, and key food commodities could soon translate into higher consumer food prices, particularly in countries that rely heavily on food and energy imports.

The FAO also kept its forecast for global cereal production in 2026 almost unchanged at 2.979 billion metric tonnes, but cut its forecast for global cereal trade in the 2026/27 season by 0.7%, citing lower expectations for wheat and maize exports due to constrained shipping routes in the Black Sea.

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