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.
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.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.