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World food prices rise because of Russia – UN

Photo: UZA

The overall increase was driven by a sharp jump in the vegetable oil price index, which was 12.1% compared to June.

As a result of July, world food prices rose for the first time in a year and a half under the influence of Russia’s withdrawal from the grain deal. This was announced by the Food and Agriculture Organization of the United Nations (FAO) on Friday, August 4.

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Thus, the FAO food price index, which tracks monthly changes in world food prices, averaged 123.9 points in July, which was 1.3% higher than the previous month, but 11.8% less below July 2022 levels.

“The increase was driven by a sharp jump in the FAO Vegetable Oil Price Index, which rose 12.1% from June after seven consecutive months of decline. Global oil prices rose more than 15% in a month, mainly due to the continuation of uncertainty in export deliveries after the decision of the Russian Federation to withdraw from the Black Sea Grain Initiative.

FAO Cereal Price Index was down 0.5% from June, driven by a 4.8% decline in international coarse grain prices due to increased in-season corn supplies for current crops in Argentina and Brazil and potential higher than expected US production. However, world wheat prices rose 1.6%, their first monthly increase in nine months, due to the uncertainty of exports from Ukraine, as well as the drought in North America.
FAO Sugar Price Index fell 3.9% as good sugarcane harvest progress in Brazil and increased rainfall in most growing areas in India weighed on global prices, as well as weak demand from Indonesia and China, the world’s largest importer of sugar. Concerns about the potential impact of the El Niño event on sugarcane, along with higher international crude oil prices, dampened the decline.
FAO Dairy Price Index in July decreased by 0.4% and became 20.6% lower than its value in July 2022. World cheese prices recovered slightly after a sharp decline, as warm weather affected the seasonal dwindling milk supplies in Europe.
FAO Meat Price Index down 0.3% compared to June. Quotes for beef, lamb and poultry fell due to firm supplies and, in some cases, reduced demand from leading importers. Conversely, pork prices rose, reflecting strong seasonal demand coupled with continued supply shortages from Western Europe and the US.

As you know, on July 17, Russia announced its withdrawal from the grain deal, which was valid for one year and allowed Ukrainian food to be exported from Black Sea ports.

Today, almost every night Russian invaders are attacking southern Ukraine and destroying the port infrastructure involved in the grain deal.

Russia wants to return to the “grain agreement” on its own terms
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Source: korrespondent

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