PARIS – The United Nations food agency’s world price index rebounded in July from two-year lows as vegetable oil markets jumped on renewed tensions over exports from war-torn Ukraine and concerns over global production.
The Food and Agriculture Organization’s (FAO) price index, which tracks the most globally-traded food commodities, averaged 123.9 points in July against a revised 122.4 for the previous month, the agency said on Friday.
The June reading was initially given as 122.3.
The July score was nonetheless almost 12% lower than a year ago and 22% below an all-time peak reached in March 2022 following the start of Russia’s invasion of Ukraine. — Reuters