Global Food Prices Climb as Shipping Snarls, Dry Weather Bites: UN

Global food prices increased in September, driven by transport disruptions in the Black Sea, uncertainty in the Strait of Hormuz, and adverse weather. The FAO Food Price Index rose 1.5 percent from August and 5.8 percent year-on-year. Geopolitical and weather-related risks continue to impact global agricultural markets, with intensified attacks on infrastructure in the Black Sea region cited as a factor.

• Global food prices rose in September according to the U.N. Food and Agriculture Organization (FAO).
• Factors contributing to the rise include transport disruptions in the Black Sea, uncertainty over shipping through the Strait of Hormuz, and adverse weather conditions.
• The FAO Food Price Index averaged 136 points in September, a 1.5 percent increase from August and 5.8 percent higher than the previous year.
• Geopolitical and weather-related risks are ongoing challenges for global agricultural markets.
• Attacks on infrastructure, including grain terminals in the Black Sea region, have intensified between Russia and Ukraine.