Global Food Prices Hit Two-Year High

September 21, 2026 · AA Tarım & Ekonomi

Global food prices have reached their highest level since November 2022 due to climate anomalies and disruptions in logistics routes, according to data from the United Nations Food and Agriculture Organization.

According to data from the United Nations Food and Agriculture Organization (FAO), global food prices have reached their highest level since November 2022 due to adverse weather conditions and logistical disruptions. The FAO Food Price Index rose by 1.9% month-on-month in August, reaching 133.3 points. Global food prices, up 2.5% year-on-year, are just below the historic peak seen in March 2022 when the Russia-Ukraine war broke out. In August, all main commodity categories constituting the index saw a widespread increase.

According to FAO data, significant price hikes were observed across all food groups in August. Sugar prices climbed 11.9% month-on-month, reaching their highest level since June 2025. During the same period, cereal prices increased by 2.2%, dairy products by 2.3%, and meat prices by 1%. Wheat prices rose 2.6% monthly and 15% annually due to Black Sea shipment issues and drought in Europe. Corn prices, pressured by feed demand, increased by 2.5%, while rice prices rose by 0.5%.

Extreme weather events and international shipping crises are behind the rise in global agricultural markets. Reduced sugar beet yields due to drought in the European Union, the El Nino effect in Asia and Southeast Asia, production losses in Brazil, and India's duty-free sugar imports have shaken the markets. Vegetable oil prices reached their highest level since June 2022 due to strong demand. The rerouting of ships around the Cape of Good Hope due to risks in the Red Sea and Bab-el-Mandeb Strait has doubled fuel, freight, and insurance costs.

According to production projections released by the FAO, global cereal production is expected to decrease by 2% this year compared to last year, falling to 2.98 billion tons. Based on crop-specific yield estimates, global corn production is calculated to be 1.309 billion tons, wheat production 810.7 million tons, and rice production 553.1 million tons. Although stocks remain at reasonable levels, the decline in global production and trade raises concerns about supply security.

According to World Bank commodity data, the global fertilizer price index fell by 6.2% from 156.1 points in June to 146.4 points in August, with a monthly decrease of 1.9%. The price of urea per ton decreased by 13.9% from June to August, falling from $453.1 to $390. Triple superphosphate (TSP) decreased by 4.2% from $735.6 to $704.4, and potassium chloride fell by 3.9% from $402.5 to $386.9. In contrast, diammonium phosphate (DAP) increased by 1.2% from $783.8 to $793.5, and rock phosphate rose by 8.3% from $156.9 to $170.

According to World Bank assessments, while increased supply from Russia and the US and delayed demand from buyers have partially eased the pressure on urea, risks persist. The institution forecasts that fertilizer prices will increase by an average of 31% overall by 2026 due to the impact of Middle East conflicts, and farmers' access to fertilizers will become the most difficult since 2022. High energy costs, disruptions in the Strait of Hormuz and Bab-el-Mandeb, El Nino conditions, and tight phosphate supply continue to exert upward pressure on global food prices.

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