FAO: Global Food Prices Rise 2.2% Year-on-Year

SadaNews Economy - The data from the Food and Agriculture Organization (FAO) of the United Nations showed a global increase in food prices of 2.2 percent year-on-year during June.

The organization stated in a statement that the global food commodity price index registered an annual increase of 2.2 percent, amid rising energy costs and conflicts in the Middle East, despite an agreement reached to end the war.

On a monthly basis, the organization indicated that global food prices decreased by 0.3 percent during the same month compared to May.

The statement quoted Bobakr Ben Belhassen, Director of the Market and Trade Division at the FAO, as saying: "Despite the slight decline in the general reference index for international food prices in June on a monthly basis, individual commodity markets continue to respond differently to changing factors."

Ben Belhassen added: "In a global environment of increasing uncertainty, transparent markets, real-time information, and predictable global trade remain essential elements to enhance food security and strengthen the resilience of agricultural and food systems."

Despite signs of recovery that have begun to appear in international markets, countries are still recording high inflation rates due to the ongoing repercussions of the American-Israeli war on Iran.