Global Food Price Index Climbed to Peak in July
· AA Tarım & Ekonomi
According to FAO data, global food prices rose by 0.6% in July, reaching their highest level since January 2023.
New Peak in Global Food Index
According to data from the Food and Agriculture Organization of the United Nations (FAO), international food commodity prices recorded a monthly increase of 0.6% in July, rising to 131.1 points. With this development, the global food price index reached its highest level since January 2023. While significant increases in grains, sugar, and vegetable oils pushed the overall index upwards, it was reported that the current level remains 18.2% below the historic peak in March 2022.
Rally in Grain and Oil Markets
The FAO Cereal Price Index stood at 113.8 points in July, an increase of 3.4% month-on-month and 6.9% year-on-year. Global wheat prices increased by 5.8% monthly and 9.9% annually due to export disruptions in the Black Sea region. Corn prices rose by 3.6% due to drought in the US and energy costs, while the Vegetable Oil Index rose by 3.7% to 195.7 points with increases in palm and soy oil. The Sugar Price Index reached 95 points with a 5.6% increase due to drought and El Nino concerns, but recorded an 8% decrease on an annual basis.
Decline in Meat and Dairy Products
Despite the increase in the grain and oil group, a downward trend was observed in animal product categories. The FAO Meat Price Index fell by 2.8% month-on-month in July to 127.7 points, marking its first monthly decline of the year, although it remained 0.8% higher year-on-year. The Milk Price Index recorded a sharp decline of 0.8% monthly and 24.8% annually, falling to 116.2 points. Thus, the downward trend in dairy product prices that began in April continued uninterrupted in July.