Another round of higher food prices globally is being forecast. The Food and Agriculture Organization’s food price index’s July numbers were at the highest level since January of 2023. Cereal grain prices were up 3.4 percent; sugar prices increased 5.6 percent and vegetable oil values went up two percent to its highest level in four years. Meanwhile, meat prices fell 2.8 percent from June. The FAO cites the wars in Iran and Ukraine, along with El Niño, for creating a perfect storm of higher food costs and lower crop yields.
