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Global food prices hit 3-year high as supply fears build
['Eleanor Thornber', 'Nil Codina Martinez']
Transport Topics
Wheat prices climbed 5.8% amid Black Sea supply concerns, while extreme heat in Europe and dryness in U.S. growing regions threatened crop production.
The FAO said markets will keep watching weather, trade routes, energy costs and logistics as El Niño risks and post-Iran conflict disruptions cloud outlooks.
Global food prices ticked up in July to the highest in more than three years as renewed concerns over key grain export corridors compounded adverse weather across major growing regions.
Much of the attention on global food markets has shifted beyond the initial turmoil caused by the U.S.-Iran war to weakening harvests, trade uncertainty and persistent weather concerns.
ImageThe FAO index tracks internationally traded food commodities, meaning it can take time for price changes to reach supermarket shelves.