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The UN Food and Agriculture Organization said Friday that its Food Price Index reached 131.1 points in July, marking the highest level since January 2023 and representing a 0.6% increase from the previous month amid mounting supply chain pressures and adverse weather patterns.

Cereals and wheat drive increases

The FAO Cereal Price Index climbed 3.4% month-on-month to 113.8 points, representing a 6.9% increase from July 2024. Global wheat prices surged 5.8% from June and 9.9% year-on-year as continued disruptions to Black Sea export flows and damage to infrastructure heightened supply concerns across international markets.

Vegetable oils and sugar advance

The Vegetable Oil Price Index rose 3.7% to 195.7 points, reaching its highest level since June 2022 on elevated palm and soybean oil prices. The Sugar Price Index increased 5.6% month-on-month to 95 points, driven by concerns over prolonged hot and dry weather impacting EU crop yields and potential El Nino effects on Asian production, though remaining 8% below year-earlier levels.

Meat and dairy post monthly declines

The Meat Price Index fell 2.8% month-on-month to 127.7 points in July, marking its first monthly decline this year while staying 0.8% above July 2024 levels. The Dairy Price Index declined 0.8% from June and 24.8% year-on-year to 116.2 points, extending a downward trend observed since April. Despite the July rally, global food prices remained 18.2% below the all-time high recorded in March 2022.