Aug 04, 2023
By Jeremy Logan
Global prices for food commodities such as rice and vegetable oil have risen for the first time in months after Russia ended a deal that allowed Ukraine to ship grain and India restricted some rice exports.
On Friday, the United Nations Food and Agriculture Organization said that its index of food prices increased 1.3% in July over June.
The U.N. says that the increase was driven by higher costs for rice and vegetable oil.
This is the first uptick since April when higher sugar prices goosed up the reading slightly for the first time in a year.
Commodity prices have been trending down, but the trade restrictions and grain deal’s cancellation threaten to increase food insecurity and the prices people have to pay to eat in developing nations.