Global food prices are at the highest level in more than two years..Afo raises the alarm

The United Nations Food and Agriculture Organization (FAO) said that the prices of global basic food commodities have been moving around its highest levels in almost more than two years in August, as they met the high prices of meat, sugar and vegetable oils, a decline in the cost of grain and dairy products.

The Food Prices Index, which tracks the monthly changes in a basket of basic food commodities traded globally, scored 130.1 points in August compared to 130.0 points in July based on modified data. It also rose 6.9 percent on an annual basis. This is the highest level since February 2023, but it is still 18.8 percent lower than the peak recorded in March 2022 after the Russian -Ukrainian crisis. Vegetable oil prices rose 1.4 percent in August to reach the highest level in more than three years. Palm oils, sunflower, and turnip seeds received support from Indonesia’s plans to increase biofuel licenses, while soy oil decreased as a result of the abundance of supply abundance.