Page 2 - Global Food Prices

Global food prices hit 31-month high in July: FAO

Global food prices rose for the third consecutive month in July to hit the highest in 31-month due to a sharp increase in the prices of cereal, sugar and dairy products following hot and dry weather to damage wheat crop in North America.Data compiled by the Food and Agricultural Organisation (FAO) of the United Nations showed average global food prices increased by 2.3 per cent in July as compared to June primarily driven by a sharp increase in the prices of rice, wheat, sugar, milk and cheese. FAO's Food Price Index averaged at 179.1 points in July 2017, up by 3.9 points or 2.3 per cent from June.This latest rise put the Index nearly 16.6 points (10.2 per cent) above last year's level and at its highest since January 2015. A combination of supply constraints and currency movements provided support to prices of most cereals, sugar and dairy. Instead, meat values remained steady month-on-month, whereas the vegetable oil index edged down."The Cereal Price Index averaged 162.2 points in .