Global food prices registered a 1.9 % increase, according to recent data from the Food and Agriculture Organization of the United Nations (FAO).

According to the organization, this is “a larger increase than that recorded in July, of 0.6 %. Compared to August 2015, the global price of food rose 2.5 % year-on-year.”

Regarding this indicator, FAO Chief Economist Máximo Torero noted that it serves as a warning that the risk premium is returning to food markets, referring to factors such as the climate crisis, geopolitical tensions, and disruptions in trade logistics converging to adjust supply expectations.

The increase in global food prices has also been attributed to the drought caused by the European summer and the rising cost of fertilizers. Specifically, sugar showed an 11.9 % increase; wheat rose 15 % compared to the previous year; and poultry, rice, and oil also registered price increases.

On the other hand, “corn did not show significant variations, with prospects for lower yields in the US and Europe due to the cost of fertilizers; beef prices fell after China imposed import quotas.”

M.Pino

Source: rnv

(Reference image source: Nathália Rosa on Unsplash)

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