FAO: Food price index reaches 136.0, highest since November 2022
Business
Food prices worldwide rose to their highest level since November 2022 last September, with the FAO Food Price Index reaching 136.0.
The main reasons? Disrupted Black Sea trade routes and tough El Nino weather, which pushed up costs for basics like cereals, sugar, and vegetable oils.
Sugar and wheat prices surge
Sugar prices soared to an 18-month high, and wheat got pricier too, mainly because of climate worries and shipping issues.
According to FAO's Chief Economist Maximo Torero, these disruptions are putting pressure on energy, transport, and key food commodities.
Still, there's a silver lining: the FAO expects global cereal production in 2026 to be nearly the biggest ever, which would be the second-largest harvest on record.