Global Food Prices Increased in July

The FAO (Food and Agriculture Organization) has reported that there has been an increase in global food prices in July. The FAO announced this recently.

It was noted that this increase was influenced by the suspension of the "Black Sea Grain Initiative" as well as new restrictions related to rice trade.

The FAO's food price index, which reflects monthly changes in global prices of staple food commodities, recorded a level of 123.9 points in July, which is 1.3% higher than in June, but still 11.8% lower than the level in July 2022.

Following seven consecutive months of decline, the prices of vegetable oils sharply increased, rising by 12.1% compared to June. Rice prices also saw an increase of 2.8% in July compared to June, after India imposed a ban on the export of non-basmati rice. At the same time, prices for cereals, sugar, dairy products, and meat saw a slight decrease compared to June.