Now Reading: FAO reports global food prices rise in July on cereal, sugar costs
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FAO reports global food prices rise in July on cereal, sugar costs
FAO reports global food prices rise in July on cereal, sugar costs
The FAO Food Price Index averaged 131.1 points in July, up 0.6 per cent from June and 1.0 per cent above a year earlier. The rise was led by cereals, vegetable oils…
The Story in Brief
The FAO Food Price Index averaged 131.1 points in July, up 0.6 per cent from June and 1.0 per cent above a year earlier. The rise was led by cereals, vegetable oils and sugar, while meat and dairy prices fell.
Wheat prices jumped 5.8 per cent on concerns over Black Sea exports and heatwaves in key producers. Maize rose 3.6 per cent. Vegetable oils reached their highest since June 2022, up 2.0 per cent, driven by palm and soy oil demand. Sugar prices bounced back 5.6 per cent, supported by EU heat and Brazil ethanol expectations. Dairy and meat prices eased.
The Indian Opinion
The talk of a food crisis from these numbers is overblown. The index is only 1 per cent above last year, and meat and dairy fell. The narrative blaming only weather ignores how energy prices and Ukraine war fears amplified cereal costs. For India, the key number to watch is not global but domestic wholesale prices of wheat and sugar in the coming months.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
