Global Food Prices Hit 3-Year High in April: FAO

Global food prices rose in April to their highest level in more than three years, according to a United Nations Food and Agriculture Organization report released Friday. The FAO Food Price Index, which tracks a basket of internationally traded food commodities, averaged 130.7 points, up 1.6 points from March and 2 percent higher than a year earlier. The increase marked the third consecutive monthly gain, though the index remained well below its peak of 160.2 points in March 2022 following the start of the Ukraine war.

Vegetable oils led the rise, with the sub-index climbing 5.9 points to 193.9, its highest since July 2022. The FAO attributed the surge to higher prices for palm, soy, sunflower and rapeseed oils, fueled by elevated energy costs that boosted demand for biofuels and concerns over reduced output in Southeast Asia and tight Black Sea supplies. The ongoing Iran war, now in its 10th week since late February, has effectively closed the Strait of Hormuz, disrupting shipments of diesel and fertilizers and further pressuring costs.

Meat prices also reached a record high, with the index up 1.2 points to 129.4, 6.4 percent above last April. Limited supplies of slaughter-ready...