(MENAFN- The Peninsula) QNA
Global food prices rose for the third consecutive month in July, driven mainly by higher cereal, sugar and dairy quotations, FAO said in a statement released yesterday.
The FAO Food Price Index - a monthly trade-weighted index tracking international market prices of five major food commodity groups - averaged 179.1 points in July, its highest value since January 2015, marking a 2.3 percent increase from June 2017 and 10.2 percent rise from its level a year earlier.
The FAO Cereal Price Index was up 5.1 percent in July. The Index has been rising consistently over the past three months, supported by firmer wheat and rice quotations.
Wheat values rose the most in July, as continued hot and dry weather conditions hampered spring wheat crops in North America, while seasonal tightness pushed up rice prices. On the other hand, maize prices remained largely steady.
The FAO Dairy Price Index gained 3.6 percent in July, underpinned by stronger prices of butter, cheese and Whole Milk Powder (WMP). Tighter export availabilities pushed butter prices to a new high in July, widening further the spread between butter quotations and other dairy products.
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