Global food prices hit highest since Nov 2022

Global food prices climbed in August to their highest level since late 2022, driven by a confluence of extreme weather, ongoing conflicts, and disruptions to key trade routes. The United Nations Food and Agriculture Organization's (FAO) Food Price Index, which tracks monthly changes in international prices for a basket of globally traded food commodities, averaged 133.3 points for the month. This marks a 1.9-point increase from July's revised reading of 130.8 and is the highest the index has reached since November 2022. The broad-based increase saw prices rise across all major categories tracked by the FAO, including cereals, vegetable oils, sugar, meat, and dairy. Wheat prices rose 2.6 percent in August, standing 15 percent above year-ago levels, while sugar prices experienced the sharpest surge, jumping 11.9 percent to their highest point since June 2025. Cereal prices increased 2.2 percent, reaching their highest mark since May 2024. According to FAO Chief Economist Maximo Torero, the trend signals that risk is returning to food markets.