FAO said wheat prices were 1.6 per cent higher in July, their first increase since October 2022, and rice prices also surged in July, rising by 2.8 per cent to reach their highest level since September 2011, Xinhua news agency reported.
Still, the overall FAO sub-index for grains and cereals slipped slightly in July, falling 0.5 per cent despite the increase in quotations for wheat and rice.
The sub-index for grains and cereals is the largest component in FAO’s broad Food Price Index, which was up 1.3 per cent in July compared to the previous month.
The index has only climbed in two of the last 16 months since reaching an all-time high in March 2022.
The biggest mover in the index was the sub-index for vegetable oils, which climbed 12.1 per cent after seven months of declines.
Sugar prices, meanwhile, were lower in July, declining by 3.9 per cent.
The other sub-indexes saw less movement, with prices for meat down by 0.3 per cent, while dairy prices fell for the seventh consecutive month, slipping 0.4 per cent.
FAO’s Food Price Index is based on worldwide prices for 23 food commodity categories covering prices for 73 different products compared to a baseline year.
The next FAO index is scheduled to be released on September 8.